De Beers reported rough diamond sales (Global Sightholder Sales and Auctions) of $450 million for the ninth sales cycle of 2020, which was 12.5% higher than the $400 million achieved a year ago, but 4% below the preceding Cycle 8 this year.
De Beers had extended the ninth sales cycle beyond its normal week-long duration as it continued to implement a more flexible approach to rough diamond sales owing to the restrictions on the movement of people and products in various jurisdictions around the globe. As a result, the provisional rough diamond sales figure quoted for Cycle 9 represents the expected sales value for the period 2 November to 16 November and remains subject to adjustment based on final completed sales.
Bruce Cleaver, CEO, De Beers Group, said: “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. However, the resurgence of Covid-19 infections in several consumer markets presents ongoing risks.”
Caption: © De Beers