Gaborone: De Beers sold rough diamonds with a provisional value of $665 million in the first sales cycle (Global Sightholder Sales and Auction Sales) of 2018, due to industry restocking following the holiday sales season.

Bruce Cleaver, CEO, De Beers Group, said, “Following positive early signs for diamond jewellery sales over the holiday season in the US, the need for the industry to restock led to increasing demand for our rough diamonds in the first sales cycle of 2018. This seasonal restocking demand does usually see a larger share of annual purchases being planned into the first sales cycle of the year by our customers, resulting in an encouraging sales performance.

“In the equivalent sales cycle last year, sales levels benefitted from purchases that had been deferred from late in 2016 as a result of the initial impact at that time of India’s demonetisation programme.”

De Beers’ sales in the first sale of 2017 were $729 million.