July 22, 2017

Holiday spending boosts diamond sales – De Beers

LesothoDiamond-Reuters
A diamond stone from a mine in Lesotho(Reuters)

De Beers’ diamond sales increased as a result of customers stocking up on jewellery as they prepared for the holiday season, said the company in a statement released from London yesterday (21 December).

The Anglo American unit sold $630m of rough diamonds in its seventh offering this year, up from $528m in the previous sale, the company said.

In a statement, De Beers chief executive officer, Bruce Cleaver, commented: “We saw healthy demand for our rough diamonds. Manufacturers brought forward some of their demand in order to cut and polish rough diamonds in time for the important retail selling season.”

The holiday season is generally considered to be period stretching from November, during Thanks Giving, to January, the Lunar Year in Asia. Usually, as this period approaches, penny-pinching customers are in a spending mood.

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