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De Beers Sales Drop for First Time in Five Months

May 24, 2016 4:31 AM   By Rapaport News
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RAPAPORT... De Beers reported rough sales declined to $630 million in its fourth sales cycle of the year.

Revenue fell 5.4 percent in the May cycle from a revised $666 million in April, according to the diamond miner’s parent Anglo American.

“As normal seasonal trends return to the market, we are encouraged by the continued stability of demand for rough diamonds shown in the fourth sales cycle of 2016,” said Philippe Mellier, chief executive officer of De Beers.

The relatively small drop in May follows successive revenue increases in the four sales cycles from December to April, after a slump in the second half of 2015 to an estimated low of $178 million in November. Sales in the fourth cycle compare with an estimated $506 million recorded a year ago, according to Rapaport News records.

The figure for the fourth cycle includes the sight held in Gaborone, Botswana, from May 16 to 20, as well as auction sales and supply to beneficiation and government partners. De Beers holds 10 sights in a year.
Tags: Auctions, De Beers, Rapaport News, rough, Rough Diamonds, rough sale, sales cycles, sight, Sights
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