De Beers upbeat on diamonds outlook, despite sales drop

De Beers Group is said to be refusing to allow its clients to disclose the legitimacy of diamonds from the company. (Image courtesy of De Beers Group)

De Beers, the world’s No.1 diamond miner by value, reported Tuesday a drop in this year’s second sale of rough gems, as it fetched $545 million, down from the $617 million it sold in the same period last year.

The Anglo American’s unit sales were also lower than the $720 million it recorded last month, but the second cycle’s figure logged today is preliminary, which means it may increase slightly once finalized.

Despite the drop, chief executive officer Bruce Cleaver remains optimistic about future demand for rough diamonds.

“We continued to see good demand across our product range (…) Sentiment remains positive heading into the Hong Kong International Jewellery Show this week — an important barometer of trade confidence,” Cleaver said.

The company is said to be considering moving out of its headquarters in London due to increasing rent and business rates, The Telegraph reports.

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