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De Beers rough sales up during its December cycle

2018-12-20

Anglo American, which has an 85% stake in De Beers, said that the company raked in $540 mn from its 10th sales cycle of diamonds, according to preliminary data. 
The growth was due to the increasing demand on rough diamonds as Indian polishing and cutting companies resumed their work after Diwali.
Bruce Cleaver, CEO of De Beers Group, said, “De Beers Group’s rough diamond sales during the final cycle of the year continued to be in line with expectation ahead of the all-important retail selling season as cutting and polishing factories in India restarted their operations following the Diwali holiday.”
 
The result of this year’s December sales cycle is 22% higher compared to the ninth cycle which yielded $442 mn. On a y-o-y basis, the sales were up 19%, from $455 in the corresponding sales cycle in 2017 mn to $540 mn this year. 
 
Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg

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