De Beers has achieved a provisional value of US$720 million in its first cycle of rough diamond sales in 2017, Anglo American has announced.

This is according to De Beers’ Global Sightholder Sales and Auction Sales.

Bruce Cleaver, CEO of De Beers, 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 the strongest. The longer period between the final Sight of 2016 and the first Sight of 2017 also contributed to heightened demand during the rough diamond sales cycle.

“While the re-opening 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.”

Anglo American also revealed that the final value of rough diamond sales for the tenth sales cycle of 2016 was $422 million. De Beers attained an actual rough diamond sales value of $545 million in the first sales cycle of 2016.