De Beers Sees an Uptick in its Rough Sales

With India's Covid crisis in control, De Beers saw a three-month high at its June cycle

De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the fifth sales cycle of 2021. Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the fifth sales cycle of 2021, with the Sight event extended beyond its normal week-long duration.

As a result, the provisional rough diamond sales figure quoted for Cycle 5 represents the expected sales value for the period 7 June to 22 June and remains subject to adjustment based on final completed sales.

De Beers reported a proceeds of $470 million at its fifth trading session of the year, up from $385 million in May. Last year, the company registered sales of only $56 million for the fourth and fifth cycles together, with COVID-19 bringing the supply-chain to a standstill.

Bruce Cleaver, CEO, De Beers Group, said: “With demand for diamond jewellery in the key consumer markets of the US and China continuing to be positive, and midstream capacity in India returning, we have seen strong demand for rough diamonds during the fifth sales cycle. Overall sentiment is increasingly optimistic as we move towards the second half of the year and, while risks as a result of the global pandemic persist, we have been encouraged by the condition of the market.”

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