Diwali Closures see De Beers Sales Dip to $430mNovember 24, 21
(IDEX Online) - De Beers today reported provisional rough sales of $430m at its ninth sight of the year.
That's down almost 13 per cent on the previous sight, largely because of the extended Diwali closures of factories in India. Sales at Sight 9 in 2020 were $462m.
De Beers said it expected Christmas closures in southern Africa to have a similar effect on the final sight of the year, from 6 to 10 December.
Rough sales at Sight 7 (August) were $522m and Sight 8 (October) were $492m. Sales at Sight 9 were the second lowest of the year after Sight 4 (April) $385m.
De Beers said it had extended the latest sight beyond its normal week-long duration and had again offered more flexible terms to sight holders.
Bruce Cleaver, De Beers CEO, said: "Demand was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival.
"As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in southern Africa, but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season."