De Beers Marks Largest Sale of Rough Diamonds in a Year

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The future looks absolutely sparkling for De Beers, as the diamond giant registered its largest sale of rough diamonds in over a year. The staggering $720 million worth of stones sold marked a significant climb from January 2016’s $545 million record.

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According to De Beers, currently the top diamond producer in the world based on value, demand relatively flourishes during the festive season, rounding up strong demand across Christmas, New Year, and Lunar New Year.

Reports also describe the reopening of a number of diamond polishing operations in India, with burgeoning demand for smaller rough diamonds of lower quality.

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While the diamond producer reported its lowest sale of rough diamonds with $485 million back in October, CEO Bruce Cleaver describes the profits to have exceeded prior expectations.

”The strength of the rough diamond market has continued to impress despite overall modest end-user jewelry demand,” said Macquarie then, in a research report.

Indeed, there is no immediate scarcity of rough diamonds in the industry, given De Beer’s recent opening of its Gacho Kue mine in Canada, aside from Firestone Diamond’s due production in Lesotho’s Liqhobong mine.

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