Gaborone: De Beers sold rough diamonds with a provisional value of $555 million, following confirmed sales of $672 million in the first sales cycle (Global Sightholder Sales and Auction Sales) of 2018 compared with a provisional figure of $665 million.

Bruce Cleaver, CEO, De Beers Group, said, “The second sales cycle of the year saw the continuation of good rough diamond demand. This was in line with expectations, following strong retail sales of diamond jewelry during the US holiday season and positive early signs for consumer demand over Chinese New Year.

“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 demonetization program.”

De Beers’ sales in the second sale of 2017 were $553 million.