De Beers February Sales Rise to $610M

De Beers LogoGaborone: De Beers reported rough diamond sales increased to $610 million in the second cycle of 2016 as demand continued to show signs of improvement. Sales in the first cycle in January were revised to $545 million.

The sales figure includes the sight in Gaborone, Botswana, which took place February 22 to 26, as well as auction sales and supply to beneficiation and government partners.

“Retailer restocking after the end of year holiday season is supporting demand for polished diamonds and, in turn, we are seeing improved demand from the midstream for rough diamonds,” Philippe Mellier, De Beers chief executive officer, said in a statement March 1. “However, we remain mindful of the need for a cautious approach as the recovery continues.”

De Beers has now reported two successive monthly sales increases indicating a turnaround in rough demand since the final months of last year. In second half of 2015, De Beers rough sales slumped 53 percent year on year to $1.4 billion as the miner increased flexibility for buyers during at the November and December sights to deal with the low demand. The company has already sold $1.16 billion worth in 2016.