De Beers' final sales cycle for 2018 ends on a high

Diamond miner De Beers sold $540-million worth of diamonds in the tenth sales cycle of this year, bringing its total sales for the year to about $5.39-billion.

The most recent sight yielded the strongest results for a final sales event in at least three years and compares with $455-million worth of diamonds sold in cycle ten of 2017 and $422-million sold in the same period of 2016.

The sales also exceeded the $442-million of the ninth cycle of 2018.

CEO Bruce Cleaver commented in a media statement that the rough diamond sales during the final cycle of 2018 were in line with expectations.

He also reported that cutting and polishing factories in India had restarted their operations following the Diwali holiday.

The Anglo American-owned group previously reported that demand for smaller, lower-quality rough diamonds were experiencing some pressures.

De Beers owns mines in South Africa, Botswana, Namibia and Canada.