Daily Management Review

De Beers cuts diamond sales by 11 percent


Preliminary data from the international diamond giant De Beers revealed that the company’s fourth business cycle for the year (May 1-May 16) decreased in sales by 11.4 percent to $480 million from the previous cycle.

The third business cycle of the year took place from March 27 to April 11. There were $542 million in sales during that time.

Sales of diamonds by De Beers decreased by 20.5 percent on an annualized basis during the fourth economic cycle.

"As the industry entered a phase of the customary seasonal lull, sales of our rough diamonds in the fourth sales cycle of the year were somewhat down from the prior cycle. Continued macroeconomic uncertainty and a slower-than-anticipated rebound in Chinese consumer demand both had an impact on sluggish demand," according to Al Cook, the company's CEO.

source: marketwatch.com