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Sluggish sales attributed to quieter season

Business Report
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The De Beers logo
DE BEERS, the world's biggest diamond producer by value, yesterday blamed the "typically quieter season" for the sluggish rough diamond sales to its major clients in the fourth cycle, which generated $520million (R6.7bn). De Beers said its fourth cycle sales had declined 18percent from the $636m it reported in the same period last year and 11percent down from the $586m in the third cycle of the year. However, it did not disclose sales volumes. De Beers chief executive Bruce Cleaver said: “We are continuing to see steady demand for rough diamonds, despite the industry entering a typically quieter season. Sentiment remains positive as we head towards the important Las Vegas trade show in early June.” The $520m fourth cycle provisional sales value represented sales as at May 15, De Beers said. Barclays Research said: “While the results continue to point to a positive trend, we remain relatively cautious on the outlook for diamond prices with cutting and polishing margins still under pressure” - Dineo Faku
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