Anglo American on Tuesday said the 2016 fifth sales cycle of rough diamonds for its De Beers diamond unit was slightly lower than the fourth.

De Beers Group, the major diamond producer, has announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for its fifth cycle of 2016 was provisionally valued at $560 million compared to the $636 million value of the fourth sales cycle of 2016.

“Sales in the fifth cycle of the year were somewhat lower than in the fourth cycle, in line with our expectations and typical seasonal demand patterns,” says outgoing De Beers Group chief executive Philippe Mellier.

“Rough diamond demand and polished diamond prices remain stable, reflecting steady consumer demand, but we maintain a cautious outlook,” he says.