De Beers’ C3 sales

SHARE   |   Monday, 10 April 2017   |   By Staff Writer
Bruce Cleaver Bruce Cleaver

De Beers’ value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the third cycle is higher than that of the previous cycle at $580 million, from $553 million registered in the second cycle. Anglo American, De Beers’ mother company, announced this week with figures showing that the money raised during the third cycle this year is however lower than seen last year during the same cycle when $666 million was raised. Bruce Cleaver, CEO of De Beers, said: “We saw the continuation of good rough diamond demand in Cycle 3 across the product range. This reflected positive sentiment from our customers following the Hong Kong International Jewellery Show in March.” Recent reports have indicated that De Beers has reduced the supply of rough diamonds it will be offering sightholders in the coming year, as it fulfills its commitment to support diamond manufacturing in Namibia. It is reported that the company has signed an agreement with the Namibian government last year, committing to allocate 15% of its Namibia production to state-owned company Namdia, which will conduct independent sales on behalf of the government.