De Beers Cycle 3 Rough Sales Stay Robust At $565 Million

De Beers’ third sale of 2022 benefitted from strong demand for rough diamonds amid continuing geo-political tensions and sanctions imposed on Russia. The miner’s third rough sales cycle of 2022 saw a 26% increase year-on-year to $565 million. However, sales were 13% lower versus $652 million posted for the preceding second sale of 2022.

 Cycle 3 2022 (provisional)[1]Cycle 2 2022 (actual)[2]Cycle 3 2021 (actual)
Sales value[3]($m)565652450
Source: De Beers

Bruce Cleaver, CEO, De Beers Group, said: “On the back of robust demand for rough diamonds in 2021 and jewellery sales in the first quarter of 2022, and reflecting continued year-on-year growth in consumer demand for diamond jewellery, demand for De Beers Group rough diamonds remained strong in the third sales cycle of 2022.

“As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China.”

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