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De Beers June Sales Valued at $560M

Jun 28, 2016 4:40 AM   By Rapaport News
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RAPAPORT... De Beers reported sales fell to $560 million in its fifth cycle of 2016 which the miner regards as a typically slower period of the year.

The sales figure compared with a revised $636 million in the previous cycle and represents a decline of 8.5 percent from $586 million revenue estimated by Rapaport News for the equivalent cycle last year.

“Sales in the fifth cycle of the year were somewhat lower than in the fourth cycle, in line with our expectations and typical seasonal demand patterns,” said Philippe Mellier, De Beers chief executive officer (pictured).

“Rough diamond demand and polished diamond prices remain stable, reflecting steady consumer demand, but we maintain a cautious outlook.”

The figure includes the June sight held in Gaborone, Botswana, last week, as well as auction sales and supply to beneficiation and government partners. De Beers holds 10 sights in a year.

Rough prices were largely stable and sightholders generally rejected only lower-quality goods, buyers told Rapaport News. However, De Beers adjusted its assortments, resulting in some boxes becoming more expensive even as prices did not rise, sightholders reported. Even so, sources said De Beers goods are trading on the secondary market for a typical premium of 3 percent to 4 percent.

De Beers rough diamond sales jumped 12 percent year on year to $3.02 billion in the first half of the year, according to figures provided by the miner to date.
Tags: De Beers, mining, Rapaport News, Rough Diamonds, Rough markets, sight, Sightholders, Sights
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