Gaborone: The De Beers Group of Companies has announced that the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for its fifth Sight of 2016 was provisionally valued at $560 million.

“Sales in the fifth cycle of the year were somewhat lower than in the fourth cycle, in line with our expectations and typical seasonal demand patterns,” said outgoing De Beers Group chief executive Philippe Mellier. “Rough diamond demand and polished diamond prices remain stable, reflecting steady consumer demand, but we maintain a cautious outlook.”

De Beers’ first, second, third and fourth Sights were valued at $540 million, $610 million, $666 million and $636 million, respectively.