De Beers’ First 2015 Sight Closes at $450 Million

Rapaport reported that De Beers’ first 2015 sight closed with an estimated value of $450 million.

As quoted in the market news:

The seasonally small size of this sight reflected a softening rough market with significant price adjustments that were made across the board and overall rough diamond prices declining by an estimated 4 percent. Still, there were no significant changes in box assortment qualities.  Sightholders said that a sizable number of boxes were deferred, representing about 20 percent of the overall sight value.

Mike Aggett, CEO of De Beers sightbroker H. Goldie, stated:

For a majority of companies a more significant rough price reduction would have been catastrophic for business,” said Aggett. ”However, reduced rough inputs coupled with moderate price adjustments mean clients now have the opportunity to self-regulate in terms of their decision-making and the flow of rough into manufacturing while waiting for an inevitable degree of restocking by retailers and the resultant firming of polished prices.

Click here for the full Rapaport report