Major diamond producer De Beers reported $418 million worth of rough diamond sales for the tenth sales cycle of 2016.

This provisional diamond sales value, which represents sales as at 12 December 2016, is slightly lower than that of the ninth sales cycle of the year, which amounted to $476 million worth in actual sales.

“We continued to see good demand for our rough diamonds in the latest sales cycle,” says De Beers CEO Bruce Cleaver, who also notes that the trade in lower value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation programme in India.

Despite this Cleaver points out that demand in the rest of the product mix continues to be healthy and overall sales remain in line with seasonal expectations.

The tenth cycle sales were also significantly higher than those for the equivalent cycle in 2015, which attained an actual value of $248 million.