De Beers records lower sales amid macroeconomic uncertainty

The value of De Beers’ rough diamond sales for the fourth cycle of this year fell year-on-year “against a backdrop of macroeconomic uncertainty”, CEO Bruce Cleaver said on Tuesday.

Sales decreased to $415-million, compared with $554-million in the fourth sales cycle of 2018.

This was also lower than the sales of $581-million recorded for the third sales cycle of this year.

Cleaver pointed out that the diamond industry was entering a “seasonally slower period” as Indian factories close for a traditional holiday period.