De Beers said the value of rough diamond sales (Global Sightholder Sales and Auctions) for the fourth sales cycle of 2021 dipped 16% to $380 million versus $450 million recorded for the third cycle this year.
Bruce Cleaver, CEO, De Beers Group, said: “We continue to see robust demand for diamond jewellery in the key US and China consumer markets. However, the scale of the second wave of Covid-19 in India, where the majority of the world’s diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases.”
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the fourth sales cycle of 2021, with the Sight event extended beyond its normal week-long duration.
As a result, the provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period 3rd May to 18th May and remains subject to adjustment based on final completed sales.
| Cycle 4 2021 (provisional) | Cycle 3 2021 (actual) | Cycle 4/5 2020 (actual) | |
| Sales value ($m) | $380 | 450 | 56 |
Cleaver added, “Our thoughts are with all those in India as the country navigates the current challenges presented by the pandemic – reminding us that the road ahead remains uncertain and that we must continue to adopt a watchful approach.”