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De Beers' diamond sales fall to US$370M in 8th cycle

Anglo American Plc said Oct. 17 that the provisional rough diamond sales for its De Beers SA unit fell to US$370 million in the eighth sales cycle of the year from US$507 million in the seventh sales cycle and US$494 million in the eighth cycle of 2016.

"De Beers offered fewer rough diamonds for sale in cycle eight, reflecting the concurrent timing this year of the sight sale with the closure of polishing factories in India and Israel for the observance of religious holidays. Sales were in line with expectations, at what is a seasonally slower time for rough diamond demand," DeBeers' CEO Bruce Cleaver said.