Although De Beers felt the drop of sales in November, rough sales in December show a steady increase from last year’s sales, as the company sold $450 million worth in its final run for the year.
“The 10th sales cycle of the year saw the continuation of good demand for De Beers’ rough diamonds as we head towards the end of 2017,” says Bruce Cleaver, De Beers’ CEO. “Demand was broadly stable on the levels seen in cycle nine, with sales slight ahead of the equivalent period in 2016.”
January also shows promise as rough demand is typically high during a time when manufacturers need to restock their inventory after the holidays. Although manufacturers’ profits are still taking a cut due to the high rough prices, there is still a significant improvement in the rough market compared to last year, mainly due to India’s demonetization policy that shook things up before the end of 2016.