The De Beers Group reported steady demand for rough diamonds during its ninth sales cycle this year, reflecting stable diamond jewellery sales in major markets such as the US and China.
The provisional value of rough diamond sales from global Sightholder sales and auctions reached US$450 million in cycle 9 from actual figures of US$467 million in cycle 8 and US$400 million in cycle 9 last year.
“Steady demand for De Beers Group’s rough diamonds continued in the ninth sales cycle of the year, reflecting stable consumer demand for diamond jewellery at the retail level in the US and China, and expectations for reasonable demand to continue throughout the holiday season,” noted Bruce Cleaver, CEO of De Beers Group. “However, the resurgence of Covid-19 infections in several consumer markets presents ongoing risks.”
De Beers Group continued to implement a more flexible approach to rough diamond sales during cycle 9, with the Sight event extended beyond its normal week-long duration, owing to restrictions on the movement of people and products in various areas around the globe.
As a result, the provisional rough diamond sales figure quoted for cycle 9 represents the expected sales value for the period of November 2 to 16 and remains subject to adjustment based on final completed sales, according to De Beers.