De Beers (Botswana): diamond sales booming

7/21/2017 2:41:31 PM

De Beers, the world’s biggest diamond producer, has sold $720 million of rough gems at its January sale, about 33 per cent more than at last year’s January offering that totaled $545 million.

De Beers company, owned by Anglo American Plc, regards the sales boost as a sign that demand in diamonds is rebounding after a slowdown in 2015. The slump was said to be partly due to the recovering of trade in India, after currency reforms had created a cash crunch. India traders generally handle as much as 90 percent of the world’s rough diamonds; cutters and polishers of cheap stones use cash to fund their businesses.

Bloomberg reports that De Beers company “sells its diamonds at 10 sales a year, known as sights, in Botswana’s capital Gaborone. It invites about 80 customers, known as sightholders, who buy the diamonds at prices set by De Beers.”

Further reading on Bloomberg

< Previous Next >

Related articles