RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

De Beers Sales Rise After Diwali Break

December proceeds up 22% from November and 19% from a year ago.
Dec 18, 2018 7:37 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
De Beers sold $540 million of rough diamonds in its December cycle, buoyed by the return of Indian manufacturers from their seasonal holiday shutdown, the company said Tuesday.

Revenue from the 10th cycle, including last week’s sight in Botswana, jumped 22% from $442 million during the previous cycle. Proceeds climbed 19% versus a year ago.

Sales “continued to be in line with expectations ahead of the all-important retail selling season, as cutting and polishing factories in India restarted their operations following the Diwali holiday,” said De Beers CEO Bruce Cleaver.

Indian factories typically close for three weeks over Diwali, which this year occurred on November 7. The market usually picks up after the festival as manufacturers reopen and buy rough so they can ramp up operations. They also use December to prepare for an anticipated increase in polished demand in the first quarter, when dealers and retailers look to replenish stocks they deplete during the US holiday season.

De Beers’ rough-diamond sales rose 2% to $5.39 billion this year, according to Rapaport estimates. That includes 10 sights across the year, as well as auction proceeds.

Image: De Beers’ sales office in Botswana. (De Beers)
Tags: Bruce Cleaver, De Beers, de beers sight, mining, Rapaport News, rough, Rough Diamonds, Sightholders, Sights
Similar Articles
StornowayStornoway Fears for Its Future
Aug 15, 2019
Stornoway Diamond Corporation has given a stern warningabout its ability...
Mountain Province Faces Nasdaq Delisting
Hong Kong Polished Imports Slide
Angola Sees Rise in Diamond Revenue
KingoldWeak Demand Dents Sales at China’s Kingold
Aug 11, 2019
Sales and profit at Kingold Jewelry decreased in the secondquarter as the...
Lucara Profit Drops Amid Lower-Value Output
Alrosa Sales Hit Lowest Level on Record
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us