De Beers announced that its provisional sales total for the fourth cycle of 2017 (as at May 15) stood at $520 million. This is 18.2 percent below the $636 million actually sold in the fourth cycle of 2016.

Market sources whom GEMKonnect spoke with in Mumbai last year after the fourth cycle sales figures were released had indicated that the high sales figures were connected to the uncertainty in the processing pipeline at that time. One source told GEMKonnect, “Some people have actually advanced their planned purchases in the ITO (intention to offer) system, because they can either unload some of the rough at a premium or at least sell it a par. No one is sure how the market will be after the June holidays. It all depends on the Vegas show and its indications for the US market.”

De Beers CEO Bruce Cleaver observed, “We are continuing to see steady demand for rough diamonds, despite the industry entering a typically quieter season. Sentiment remains positive as we head towards the important Las Vegas trade show in early June.”

Meanwhile, De Beers said the actual sales for the third cycle this year, now stand at $586 million.

https://www.gemkonnect.com/news/steady-demand-says-bruce-cleaver-de-beers-sells-520m-cycle-4