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De Beers postpones Cycle 5 and 6 auctions

De Beers has postponed its Cycle 5 and 6 auctions amid dwindling demand from Indian manufacturers.

The consumer slowdown in the US and China has also resulted in the cancellation of rough sales by auction houses in Antwerp and Dubai.

De Beers said in a statement: "After careful consideration and analysis of the current market situation, we decided to combine both Cycle 5 and 6 Interim and Main Auctions.

De Beers has yet to confirm new auction dates.

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