De Beers Says Diamond Sales Hurt by India’s Money Crackdown
- The producer’s 10th sale cycle this year totaled $418 million
- Diamond industry has been hit by India’s black money campaign
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Photographer: Prashanth Vishwanathan/BloombergThis article is for subscribers only.
De Beers, the world’s biggest diamond producer, had its smallest sale of the stones so far this year as demand was hurt by India’s crackdown on black money.
The company sold $418 million of diamonds in its 10th cycle, compared with $476 million at its previous offering, according to a statement on Tuesday. For the same period last year, sales were $248 million.