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De Beers books diamond sales of US$720M in 1st sales cycle

Anglo American Plc diamond unit De Beers SA sold US$720 million worth of rough diamonds in the first sales cycle of 2017, according to a Jan. 24 news release.

The diamond producer recorded rough diamonds sales of US$422 million in the tenth and final sales cycle of 2016.

The company saw good demand across the majority of its assortment as the industry entered the period when rough diamond demand is traditionally strongest. The first cycle of 2016 saw sales of US$545 million.

"The longer period between the final sight of 2016 and the first sight of 2017 also contributed to heightened demand during the cycle," CEO Bruce Cleaver said.

As the Indian industry is adjusting to the post demonization environment, the company maintains a cautious outlook for smaller and lower-quality diamonds.