De Beers Revenue Down 25% in 8th Sales Cycle

De Beers Revenue Down 25% in 8th Sales Cycle

Gaborone, Botswana–Fewer rough diamonds on offer in its eighth sales cycle of the year resulted in lower revenues for De Beers.

The company reported that its sightholder and auction sales totaled $370 million in the eighth cycle, a 25 percent decrease from the $494 million reported in the same period last year.

It’s also the smallest since the company began releasing the data on a cycle-by-cycle basis in early 2016.

CEO Bruce Cleaver said the company offered fewer rough diamonds during the cycle, reflecting how the sight sale coincided this year with the closure of the polishing factories in India and Israel for the observance of religious holidays.

He added that the results for the cycle were “in line with expectations, at what is a seasonally slower time for rough diamond demand.”

The company also revised its figure for the seventh sales cycle upward, from $505 million to $507 million.

Here’s a look a De Beers’s rough diamond sales so far this year.

2016
2017

First sales cycle
$545 million
$729 million

Second
$617 million
$553 million

Third
$666 million
$586 million

Fourth
$636 million
$522 million

Fifth
$564 million
$530 million

Sixth
$528 million
$576 million

Seventh
$639 million
$507 million

Eighth
$494 million
$370 million (provisional)

Ninth
$476 million

Tenth
$422 million

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