De Beers dec. sight estimated at $580M

Avi Krawitz

Rough trading improves as challenges persist.

The De Beers December sight had an estimated value of $580 million with prices and box values kept relatively stable. The sight value was the highest since the first quarter as sightholders took goods that were deferred from November and as they sought to build inventory for their factories. Trading on the secondary market improved following December’s sight.

There was also some ex-plan supplied at the sight, which are goods made available over and above sightholders’ previously applications for goods.

Sightholders noted that they purchased goods that will maintain their operations through the relatively long period, until the next sight, which begins on January 20.

People don’t have rough and realized that they won’t be getting more De Beers goods until the first week of February, after the next sight. So they bought more than usual last week,” said a Mumbai-based sightholder. “Companies have increased their factory operations after Diwali and there isn’t enough rough in the market.”

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Source Rapaport