In its second-last rough diamond sale of the year, De
Beers reported $470m in sales, marking a fresh low for the year in line
with seasonal buying trends.
The latest sale brings to $5.16bn the revenue realised from the sales to about 80 handpicked clients in Gaborone and through auctions so far this year, with just the last of the 10 annual sales left before the end of the year.
De Beers revised upward its sales number for the eighth sale to $494m from the provisional $485m number it released in October.
"Encouragingly, the ninth sales cycle of 2016 showed continued good demand for De Beers rough diamonds, with sales in line with expected seasonal demand patterns," said De Beers CE Bruce Cleaver.
De Beers, the world’s largest producer of rough diamonds by value, is an 85% held subsidiary of Anglo American.
De Beers had sold down excess inventory during the course of the year, Cleaver said in a recent interview, in which he said the company expected diamond jewellery sales in the US between Thanksgiving and Christmas to grow at about 5%, roughly in line with last year’s sales.
The US is the single largest market for diamond jewellery, accounting for 45% of global demand for diamonds. About half the annual diamond jewellery consumption in the US happens in this year-end period.
De Beers spends $120m a year on advertising, with the bulk of it targeted at US consumers at this time of year.
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The latest sale brings to $5.16bn the revenue realised from the sales to about 80 handpicked clients in Gaborone and through auctions so far this year, with just the last of the 10 annual sales left before the end of the year.
De Beers revised upward its sales number for the eighth sale to $494m from the provisional $485m number it released in October.
"Encouragingly, the ninth sales cycle of 2016 showed continued good demand for De Beers rough diamonds, with sales in line with expected seasonal demand patterns," said De Beers CE Bruce Cleaver.
De Beers, the world’s largest producer of rough diamonds by value, is an 85% held subsidiary of Anglo American.
De Beers had sold down excess inventory during the course of the year, Cleaver said in a recent interview, in which he said the company expected diamond jewellery sales in the US between Thanksgiving and Christmas to grow at about 5%, roughly in line with last year’s sales.
The US is the single largest market for diamond jewellery, accounting for 45% of global demand for diamonds. About half the annual diamond jewellery consumption in the US happens in this year-end period.
De Beers spends $120m a year on advertising, with the bulk of it targeted at US consumers at this time of year.
by
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