De Beers Sells $450m as Diwali Softens Demand
November 16, 22
(IDEX Online) - De Beers today reported sales of $450m at its latest cycle, in line with an expected lull due to Diwali.
That figure, for Cycle 9, is down from $508m at Cycle 8 and $638m at Cycle 7, but is broadly in line with the same sales period last year ($438m).
CEO Bruce Cleaver, CEO, De Beers Group, said: "We saw good demand for our rough diamonds during Cycle 9 with sales reflecting what is traditionally a quieter time for the diamond midstream ahead of polishing factories reopening in India following the Diwali holidays."
De Beers has reportedly eased its buyback terms for sight holders - allowing sight holders to reject 20 per cent of goods over one carat from a parcel, rather than the standard 10 per cent.
Increased buybacks have been used before in times of weaker demand, to sweeten the deal without dropping prices.
Pic courtesy De Beers