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De Beers' 7th cycle rough diamond revenue plummets YOY to US$280M

Anglo American PLC unit De Beers SA's provisional revenue from rough diamond sales in the seventh sales cycle this year fell to US$280 million from US$503 million in the year-ago sales cycle.

"With midstream participants continuing to work down polished diamond inventory levels and reduced levels of manufacturing in the key cutting centers, De Beers Group provided customers with further supply flexibility during the seventh cycle of 2019," CEO Bruce Cleaver said in an Aug. 28 statement.

Actual sales in the sixth cycle totaled US$250 million.