Rough Trade Cautious at $455M De Beers Sale

Dealers reported a difficult but stable rough market as De Beers’ November sight closed with a value of $455 million — 4% lower than the same period a year ago.

The rough market improved slightly from the October sight, which was the smallest sale of the year as Indian manufacturing slowed for Diwali. However, sightholders still noted weak profitability on De Beers goods during November, with premiums on the secondary market close to zero.

Most boxes of diamonds from last week’s sight commanded prices on the dealer market that did not cover the costs of doing deals, explained Dudu Harari of diamond broker Bluedax in a report on the sight.

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