De Beers May sight estimated at P4.9bn

Friday, May 16, 2014

The De Beers May sight was held in Gaborone last week

The De Beers May sight closed with an estimated value of $560 million(P4.9 billion) as the rough diamond market remains steady. Sightholders reported that prices on some boxes were adjusted slightly; however, on average, prices and assortments were basically unchanged.

“The market is stable but at high rough price levels, whereby we don’t see profit margins as a manufacturer,” said one sightholder.

“There are certain areas where De Beers prices are high, but we don’t have much of an argument for a reduction in prices. Goods are selling and polished demand is there.”

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