This compares with the $514-million in sales recorded in the sixth sales cycle, and the $334-million in sales recorded in the seventh sales cycle of 2020.

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers continued to implement its more flexible approach to rough diamond sales during the seventh sales cycle, with the Sight event extended beyond its normal week-long duration.

As a result, the provisional rough diamond sales figure quoted for Cycle 7 represents the expected sales value for the period August 23 to September 7 and remains subject to adjustment based on final completed sales.

De Beers CEO Bruce Cleaver says sentiment in the diamond industry’s midstream continues to be positive.

“Demand for rough diamonds is a result of robust demand for polished diamonds in our key markets of the US and China. The midstream’s optimism for the remainder of the year was also evident at the recent JCK Las Vegas trade show, which was a success, despite being held under challenging circumstances,” he adds.

As the traditionally slower period approaches for rough diamond sales, De Beers remains cognisant of the risks to economic recovery from the global pandemic.