The Conversation (0)
Rapaport reported that De Beers’ first 2015 sight closed with an estimated value of $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.