De Beers rough diamond sales have slightly improved during the eighth cycle when compared to the previous sales.
According to information released by De Beers parent company, Anglo American, rough diamond sales value amounted to $295 million (P2.9 billion) during the eighth cycle, a slight improvement from the $287 million recorded in the seventh cycle.
De Beers, which together with the Botswana Government operate a 50/50 joint venture, is responsible for selling the bulk of the rough diamonds from Debswana mines. This constitutes about 85 percent, with the rest sold by state-owned Okavango Diamond Company (ODC). When compared with the same cycle for last year, the current rough diamond sales value has dropped from the 2018 sales, which amounted to $492 million.
However, this year has seen a sharp decline in diamond sales of, a drop that goes back a few years. Bank of Botswana also predicts sales will continues to fall during the second half of 2019.
Every year, De Beers through its Global Sightholder Sales, sells diamonds to select contracted clients 10 times a year.
Commenting on the latest sales, De Beers Group Chief Executive Officer, Bruce Cleaver said this is a quieter time for the industry.
“As we approach what is traditionally a quieter time of year for the diamond industry during the Diwali holiday, we have again offered our customers flexibility during this sales cycle,” said Cleaver.