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De Beers' rough diamond sales fall to US$485M in 8th cycle

Anglo American Plc said Oct. 4 that subsidiary De Beers SA sold US$485 million worth of rough diamonds during its eighth sales cycle, down from the US$639 million posted for the seventh sales cycle of 2016.

The company also restated seventh cycle sales, as the previously reported US$630 million was provisional.

"Our rough diamond sales were slightly ahead of expectation during the cycle, given the normal seasonal demand patterns, the shorter than usual period between sights 7 and 8, and the forthcoming holidays in some of the major diamond cutting centers," De Beers CEO Bruce Cleaver said in the statement.