London — De Beers, the world’s biggest diamond producer, has had its smallest sale of the stones so far this year as demand was hurt by the Indian government’s crackdown on black money. The company sold $418m of diamonds in its 10th cycle, compared with $476m at its previous offering, according to a statement on Tuesday. For the same period last year, sales were $248m. "While the trade in lower-value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation programme in India, demand across the rest of the product mix continued to be healthy," CEO Bruce Cleaver said. "Overall sales remained in line with seasonal expectations."
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.