People are buying fewer diamonds now it’s summer, according to De Beers
Diamonds have lost some of their sparkle to customers as the annual sales dry spell during the summer months gets underway.
De Beers announced today that sales in the fifth "cycle" of 2016 reached $560m, down from $636m during the fourth cycle.
However, the diamond giant has assured this is in line with typical seasonal demand, as the fifth sales cycle represents the beginning of an annual dip during the summer when the lack of major holidays melts the need for more ice in people's life.
Diwali, Thanksgiving and Christmas later in the year are expected to bring diamond sales turnover back up again to a natural peak.
Chief executive of De Beers Group Philippe Mellier said:
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.
Rough diamond demand and polished diamond prices remain stable, reflecting steady consumer demand, but we maintain a cautious outlook.
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There are 10 diamond "sales cycles" each year, taking place roughly every five weeks. De Beers told City PM it has made a little over $3bn in diamond sales already this year.
The cycles, or viewings which last several days, at which customers buy boxes of rough diamonds, had taken place in secrecy before February of this year, when De Beers began releasing figures to counteract claims the company's revenues had fallen.
In December, Moody's warned diamond prices were set to fall as low consumer demand was putting added pressure on miners, while crackdowns on corruption and China and a stronger dollar had also impacted margins.