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Tuesday, 15th October 2019
10:23:04pm

De Beers provided its customers with further supply flexibility during the seventh cycle of 2019 as midstream participants continue to work down polished diamond inventory levels coupled with reduced levels of manufacturing in the key cutting centres.

De Beers’ August diamond sales eased 57% to $280 million compared to $503 million realised, a year earlier, according to data released by Anglo American.

The value of rough diamond sales during the seventh cycle is, however, 11.3% higher compared to $250 million that De Beers raked in last month.

The July sales were the lowest since 2016 when the group started announcing the outcome of its diamond sales.

Demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories, and caution due to macro-economic uncertainty, including the US –China trade tensions. 

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