Wednesday 28 August 2019 5:40 pm

Diamond in the rough: De Beers struggles to keep up with last years' gem sales

Diamond company De Beers increased sales in its seventh cycle of the year, but is still down on 2018, it said today.

The company showed that it sold $280m (£229m) worth of diamonds over the cycle, one of ten such periods in a year.

Read more: Diamond sales fall at De Beers after unusually strong end to 2018, company reveals

This was an uptick on the sixth cycle when sales reached $250m, but a big step down year-on-year from $503m.

“With midstream participants continuing to work down polished diamond inventory levels and reduced levels of manufacturing in the key cutting centres, De Beers Group provided customers with further supply flexibility during the seventh cycle of 2019,” said chief executive Bruce Cleaver.