De Beers maintains sales flexibility as latest cycle earns it $295m

Diamond miner De Beers sold $295-million worth of diamonds during the eighth sales cycle of the year.

This was higher than the $287-million worth of diamonds sold during the seventh sales cycle of this year, but well below the $482-million of diamonds sold in the eighth sales cycle of 2018.

"As we approach what is traditionally a quieter time of year for the diamond industry during the Diwali holiday, we have again offered our customers flexibility during this sales cycle," De Beers CEO Bruce Cleaver says.

Newswire Bloomberg last week reported that De Beers has continued to offer "almost unprecedented flexibility" to diamond buyers amid lower global demand.

Prior to introducing its more flexible sales strategy in August, diamond buyers participating in its ten sales cycle a year had to accept the price and quantities of diamonds sold. However, buyers can now refuse half of the diamonds on offer in each parcel.