De Beers’ First Sight of 2016 Valued at $540 Mln

Gaborone: Anglo American plc has announced that De Beers’ first Sight of 2016 improved significantly to $540 million – more than double the final Sight of 2016, valued at $248 million.

The company, in a press statement said that a number of factors influenced the increase in polished prices, including a positive US holiday retail season, lower levels of rough purchases in the fourth quarter of 2015, which saw a reduction of manufacturing. According to Anglo American, rough demand picked up as cutting and polishing factories ramped up their activity.

“We are encouraged by the result of the first sales cycle of 2016, and will keep working closely with our customers to deliver sustainable improvements in the diamond industry in 2016,” said De Beers Group chief executive Philippe Mellier.

This is the first time that De Beers has released precise Sight sales figures.