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Rough diamond sales increase

31/05/2018
by staff writer
Business

De Beer’s rough diamond sales for cycle four of 2018 have shown an increase of N$7 billion, bringing good news.

The figures are from Global sight-holder sale and auction sales and they showed that the value for the third cycle for 2018 stood at N$6,62 billion slightly lower than what was recorded in cycle four according to the Namibia mining journal that was released yesterday. 

The diamond industry in Namibia saw an increase of 15% during 2017 in terms of production.

Earlier this year, statistics indicated that the diamond industry paid royalties of N$1,2 billion during the 2017/18 financial year, compared to the N$1,1 billion during the 2016/17 financial year the report states. 

The diamond industry paid more in royalties than others in the minerals sector, who paid a combined N$172,8 million during the 2017/18 financial year. 

According to the report, in the fourth sales cycle of the year, the industry saw a robust demand for de Beers rough diamonds, reflecting continued strong demand for diamond jewellery especially from American consumers.