De Beers Sells $418M of Rough, Lower Value Items Hit by Demonetization

De Beers sold a provisional $418 million of rough stones at its tenth and final sales cycle of 2016.

De Beers said the confirmed value of goods for its previous sales cycle was $476 million, compared with a provisional figure of $470 million stated just after the sale.

In December 2016, sales came to $248 million.

That followed a sharp decline in demand after manufacturers reduced production in protest at high rough prices.

De Beers Group CEO Bruce Cleaver said: “We continued to see good demand for De Beers' rough diamonds in our latest sales cycle. While the trade in lower value rough diamonds is experiencing a temporary slowdown as a result of the demonetization program in India, demand across the rest of the product mix continued to be healthy and overall sales remained in line with seasonal expectations. Pleasingly, sales were also significantly higher than those for the equivalent cycle in 2015.”