De Beers' rough diamond sales slow amid high diamond inventories

A "more challenging" environment in China and higher than normal diamond inventories in the midstream contributed to more cautious diamond buying in De Beers' fifth sales cycle of the year, CEO Bruce Cleaver said on Tuesday.

The value of De Beers' rough diamond sales decreased to $390-million in the fifth sales cycle of this year, compared with $581-million in the fifth sales cycle of 2018.

This was also lower than the $416-million in rough diamond sales recorded in the fourth sales cycle of this year.