UPBEAT: Cleaver

De Beers rough diamond sales have slightly improved during the eighth cycle when compared to the previous sales.

According to information released by De Beers parent company, Anglo American, rough diamond sales value amounted to $295 million (P2.9 billion) during the eighth cycle, a slight improvement from $287 million recorded in the seventh cycle.

De Beers, which together with government of Botswana operate a 50/50 joint venture, Debswana, is responsible for selling the bulk of rough diamonds from Debswana mines, about 85 percent with rest sold by state owned Okavango Diamond Company (ODC).

When compared with the same cycle for last year, the current rough diamond sales value is a way lower as in 2018 the sales amounted to $492 million.

However, it has been a different case this year with sales of diamonds drastically going down over the last few, with the bank of Botswana also predicting sales to further go down during the second half of 2019.

Each and every year, De Beers through Global Sightholder Sales, sell diamonds to a select contracted clients 10 times a year.

Commenting on the latest sales, De Beers Group Chief Executive Officer, Bruce Cleaver said this is a quieter time for the industry.

“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,” said Cleaver.