De Beers Sells $540 Million Worth of Diamonds in First Cycle

The De Beers Group of Companies announced the value of rough diamond sales for its first sales cycle of the year. According to the company, sales value came in at $540 million.
As quoted in the press release:

Rough diamond sales during the first cycle of the year improved significantly compared with the final sales cycle of 2015. A positive holiday season in the US from a retail perspective, low levels of rough diamond purchases by the midstream in Q4 2015 and a subsequent reduction in manufacturing saw polished diamond stocks pull through the pipeline. This has resulted in firmer polished prices. Rough diamond demand broadened across the entire product range as cutting and polishing factories began to increase their activity.

Philippe Mellier, chief executive of De Beers Group, commented:

We are encouraged by the result of the first sales cycle of 2016, and will keep working closely with our customers to deliver sustainable improvements in the diamond industry in 2016.

Click here to read the full press release from The De Beers Group of Companies.