De Beers: Diamond sales hurt by India's money crackdown

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London - 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 $418m of diamonds in its 10th cycle, compared with $476m at its previous offering, according to a statement on Tuesday. For the same period last year, sales were $248m.

"While the trade in lower-value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation program in India, demand across the rest of the product mix continued to be healthy," chief executive officer Bruce Cleaver said.

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