De Beers reports that it sold $720 million of rough diamonds at the first sales cycle (Global Sightholder Sales and Auction Sales) of 2017.
The sales figure indicates strong demand as the industry replenishes inventory following the holiday season.
De Beers said the figure for the first sales cycle compared with $545 million in the year-earlier sale, and $422 million in the last sale of 2016 held in December.
De Beers CEO Bruce Cleaver said: “We saw good demand across the majority of our assortment during the first sales cycle of the year, as the industry entered the period when rough diamond demand is traditionally strongest. The longer period between the final Sight of 2016 and the first Sight of 2017 also contributed to heightened demand during the cycle.
“While the reopening of some diamond polishing operations in India saw something of an increase in demand for smaller, lower quality rough diamonds, we maintain a cautious outlook for these categories as the Indian industry continues to adjust to the post-demonetization environment.”
