De Beers reports a slow start to 2019
After a strong finish to 2018, De Beers reports continued sluggish demand for lower value rough diamonds
De Beers, the largest producer of rough diamonds by value, reported its lowest first sales in at least four years after a strong finish to 2018. De Beers reported sales of $505m for its first sales of 2019, the lowest since the Anglo American 85% held subsidiary started releasing its sales data in 2016. In 2018, De Beers reported sales of $672m in the first event of the year, while the previous lowest total was $545m in 2016. “Rough diamond sales during the first sales cycle of 2019 were lower than those for the equivalent period last year, reflecting higher than normal sales in the previous cycle and the slow movement of lower value rough diamonds through the pipeline,” said De Beers CEO Bruce Cleaver. The difficulties around the demand for lower value rough diamonds, which are the small stones making up the bulk of diamond mining production, have continued from the previous year when Cleaver flagged slowing purchases by Indian cutters and polishers who specialise in processing sma...
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.