Gaborone, Botswana–The earlier Diwali holiday resulted in lower revenue for De Beers in its latest sales cycle, the diamond miner and marketer said this week.
De Beers reported that its sightholder and auction sales totaled $505 million in the seventh sales cycle of the year, ended Sept. 4. That is down 21 percent from $639 million in the same period last year.
The company also revised its figure for the sixth sales cycle upward, from $572 million to $576 million.
De Beers Group CEO Bruce Cleaver said the slowdown in sales was expected, as some of the midstream demand usually seen in the period fell into the sixth sales cycle this year because Diwali, the Hindu festival of lights, is earlier this year.
He said the diamond industry’s manufacturers are adopting a “watchful” approach as fall begins and they prepare for the first big trade show of the season, the Hong Kong Jewellery & Gem Fair in mid-September.
Here’s a look a De Beers’s rough diamond sales so far this year.
First sales cycle