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.
First sales cycle
$370 million (provisional)