De Beers Sells $440m amid "Positive Consumer Demand"
December 17, 20
(IDEX Online) - De Beers sold $440m of rough in December, indicating a sustained recovery in consumer demand.
It's the fourth consecutive month in which 2020 Sights have matched or surpassed their 2019 equivalents.
De Beers welcomed the steady demand for its goods, but cautioned that the ongoing pandemic still posed a threat.
The miner started offering discounts and extra flexibility to Sight holders in August, but reportedly increased prices by two or three per at an extended Sight 10, the last of the year, which took place in Gabarone, Botswana, last week.
The October and November Sights netted $467m and $462m respectively. The November Sight raised $440m, up from $426m in the same month last year.
Bruce Cleaver, De Beers CEO, said: "Positive consumer demand for diamond jewellery as we enter the holiday season is supporting the continuation of retail orders for polished diamonds from the diamond industry's midstream sector.
"This in turn supported steady demand for De Beers rough diamonds at our final sales cycle of 2020. While the diamond industry ends the year on a positive note, we must recognise the risks that the ongoing Covid-19 pandemic presents to sector recovery both for the rest of this year and as we head into 2021."
Pic courtesy De Beers shows rough diamonds being sorted for a Sight