De Beers Sells $604m Rough amid "Strong Demand"
May 18, 22
(IDEX Online) - De Beers today announced 4th cycle rough sales of $604m, a year-on-year increase of 56 per cent.
The UK-based miner said demand remained strong, but faced possible threats from Covid lockdowns in China, and sanctions on Russia for its invasion of Ukraine.
It was De Beers' second full sales cycle since the US and EU sanctioned Alrosa, part-owned by the Russian government, and its biggest rival.
Sales for the 4th cycle of 2021 were $385m. Sales for the 3rd cycle of 2022 were $566m.
Bruce Cleaver, CEO, De Beers Group, said: "We saw the continuation of good demand for our rough diamonds during the fourth sales cycle of 2022, supported by strong consumer demand for diamond jewellery in the US.
"However, rough diamond demand in the coming cycle will be affected as usual by the closure of many diamond polishing factories in India for the traditional May holidays.
"Meanwhile, diamond businesses are also continuing to closely monitor the effects of Covid-19-related lockdowns in China and the war in Ukraine and associated sanctions."
De Beers is still extending its Sights beyond the normal week, and implementing a more flexible approach to rough diamond sales.
Pic courtesy De Beers