RJ Market Watch
De Beers rough diamond sales tick up
In its latest rough diamond sales update, De Beers rough diamond sales hit $425 million, up from the $400 million it recorded in the previous cycle.
Anglo American, De Beers parent, reported the results Wednesday for its tenth sales cycle of 2019.
“Following continued polished diamond price stability in the lead up to the final sales cycle of the year, we saw further signs of steady demand for rough diamonds during Sight 10,” said Bruce Cleaver, CEO, De Beers Group, in a news release.
The result is still far off from sales during the same cycle a year ago when rough diamond sales hit $544 million.
Earlier this month, Anglo predicted diamond revenue would drop 26% in 2019. The company expected to produce 31 million carats in 2019, down from 35 million carats in 2018.
The diamond market is in a slump. Bloomberg reported in October that De Beers had to cut the price of its diamonds.
Courtesy: Kitco.com
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