Gaborone: De Beers said it raked in $390 million during the ninth cycle compared with $442 million, a year earlier or $297 million realised during the eighth cycle.

“With signs of increasing polished price stability, Cycle 9 saw an improvement in sentiment from rough diamond buyers,” said De Beers chief executive Bruce Cleaver.

“Global consumer demand for diamond jewellery at the retail level continues to be broadly stable but, with midstream trading conditions still in the process of rebalancing, we offered Sightholders further flexibility during the Sight to provide support.”

The industry had been experiencing an oversupply of polished diamonds that have led to sharp price drops for rough stones.