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De Beers confirms offering customers flexibility as diamond sales fall again

04 october 2019

de_beers_logo.pngDe Beers has confirmed that it continued with its policy of offering flexibility to its diamond buyers at the just ended eighth sales cycle of the year.
Some buyers who attended the September sightholders sales last week in Gaborone, Botswana had said the firm allowed buyers to reject half the stones in each parcel offered. 
They were also given room to sell back some diamonds to De Beers on favorable terms. 
The Anglo American unit said it raked in $295 million during the cycle compared with $482 million, a year earlier or $287 million realised during the seventh cycled.
“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 De Beers chief executive Bruce Cleaver.
The industry is currently experiencing an oversupply of polished diamonds that have led to sharp price drops than for rough stones.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished