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De Beers rough diamond sales drops

Publishing Date : 07 August, 2018


De Beers rough diamond sales in the six circle of 2018 fell to $530 million (about P5.4 billion) from $581 million (about P6 billion) in the fifth circle of the same year. During the same period last year the sales were better than the current ones as they were pegged at $576 million (about P5.9 billion).

This decrease comes after the rough diamond sales have been increasing uniformly since the first circle of this year. In May, towards the much publicised and world renowned JCK Las Vegas trade show which involves the auctioning of diamonds, demand for diamonds has been high. At the time De Beers CEO Bruce Cleaver also believed that all the eyes looking out for the US trade show are the ones influencing the increase in sales. He described the JCK Las Vegas trade show as the jewelry industry’s premier trade show.

Even after the show which ended in the beginning of June Cleaver still gave credit to the trade show as the sales were at $575 million (P5.9 billion) growing from $550 million (about 5.6 billion) which were recorded in the fourth circle of this year. 
While he did not talk about the reason for the current fall in sales Cleaver said:"In the sixth sales cycle of the year, demand for De Beers rough diamonds was in line with expectations during the seasonally quieter summer period for the industry's midstream sector."

The last time the rough diamonds sales fell this year was on the second circle where sales nosedived from $672 million (about P6.9 billion) in circle 1 to $563 million (about P5.8 billion) in circle two. According to Cleaver, this was due to the second quarter of the year being traditionally a seasonally slower period.  The highest demand which is the first circle sale were credited to “the US holiday season and positive early signs for consumer demand over Chinese New Year” according to De Beers.

The third circle also saw an increase after the first fall of the year which was recorded in the second circle from $563 million (about P5.8 billion) to $524 million (about P5.4 billion). Towards the JCK Las Vegas trade show the rough diamonds sales burgeoned from $524 million to $554 million. In circle five the rough diamond sales went up to $581 million until the current fall.



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