The De Beers Group of Companies announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the first sales cycle of 2017. The said value stood at $720m as against $545m in the Cycle 1 sales of 2016. Also, the said value in the Cycle 10 sales of last year was at $422m.

Bruce Cleaver, CEO, De Beers Group, said: “We saw good demand across the majority of our assortment during the first sales cycle of the year, as the industry entered the period when rough diamond demand is traditionally strongest. The longer period between the final Sight of 2016 and the first Sight of 2017 also contributed to heightened demand during the cycle.

“While the reopening of some diamond polishing operations in India saw something of an increase in demand for smaller, lower quality rough diamonds, we maintain a cautious outlook for these categories as the Indian industry continues to adjust to the post-demonetisation environment.”