De Beers’ rough diamond sales increase by 77% in volume in 3rd quarter
Buoyed by the improved polished diamond trading condition in the overseas market, the De Beers has managed to increase its total rough diamond sales by almost 77 per cent in volume in the third quarter. According to De Beers, the company sold 5.3 million carats in the three months that ended September 30, compared to 3 million carats in the same period a year ago when higher stock levels lowered demand from manufacturers and traders.
Market sentiment improving
The diamond production in its mines increased 4 percent to 6.3 million carats – the improvement comes after the miner had cut output last year in response to weaker trading conditions. The company said that the largest production increase was in De Beers Botswanan joint venture, Debswana, where output jumped 12 percent to 4.5 million carats. Production at the Jwaneng mine leapt 47 percent to 2.8 million because of planned maintenance a year ago. Industry sources said that the sentiments in the world market is improving and that the manufacturers in India are anticipating a good Christmas sale season this time. The flow of rough diamonds has increased with the manufacturers ramping up production ahead of the festive season.