De Beers July Sales Total $520M

Gaborone: De Beers sold $520 million of rough diamonds at its latest sales cycle as the miner reported “positive” sightholder sentiment but maintained a cautious outlook for the rest of the year.

The revenue figure for the diamond miner’s sixth sales cycle of 2016 compares with $308 million estimated by Rapaport News for the equivalent period a year ago. However, sales declined sequentially from a revised $564 million in the fifth cycle in June.

“This is an encouraging sales performance for this point in the year, supported by positive sentiment from our customers,” said Bruce Cleaver, De Beers newly appointed chief executive. “We maintain a cautious outlook for the remainder of 2016.”

The sales total includes last week’s sight in Gaborone, Botswana, as well as auction revenue and supply to beneficiation and government partners. De Beers holds 10 sights in a year.