De Beers` third diamond sales cycle nets $440m

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe as a result of the Covid-19 pandemic, De Beers continued to implement a more flexible approach to rough diamond sales during the third sales cycle of this year, resulting in the sight event having been extended beyond its normal week-long duration.

As a result, the provisional rough diamond sales figure quoted for the third cycle represents the expected sales value for the period from March 22 to April 6, and remains subject to adjustment based on final completed sales.

De Beers group CEO Bruce Cleaver says that, following a good holiday season and that trend continuing during the first quarter of this year, De Beers has again experienced “solid demand” for rough diamonds as the miner enters a traditionally quieter period of the year for the diamond industry.

“Sales were in line with expectations and both market sentiment and overall industry conditions remain positive. However, with pandemic developments in Europe and Mumbai’s recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to Covid-19.”