De Beers rough diamond sales improve in Cycle 1

De Beers Group has announced the value of rough diamond sales totalled $650m for the first sales cycle of 2021. 

This marks an improvement from the previous cycle’s total of $452m, as well as an improvement against Cycle 1 in 2020, where sales totalled $551m. 

Owing to the continued restrictions on the movement of people and products in various jurisdictions, De Beers said it has continued to implement a “more flexible” approach over the first sales cycle of 2021.

The sight event extended beyond its normal week-long duration, for example. As a result, the provisional rough diamond sales figure quoted for Cycle 1 represents the expected sales value for the period 18 January to 2 February and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO, De Beers Group, said: “With the midstream starting the year with low levels of rough and polished inventories, and following strong sales of diamond jewellery over the key holiday season in the US, we saw good demand for rough diamonds at the first cycle of the year as midstream customers sought to restock and to fill orders from retail businesses. 

“Sales of rough diamonds are also being supported by expected demand ahead of Chinese New Year and Valentine’s Day. While risks to recovery as a result of ongoing restrictions on the movement of both people and goods persist, we have been encouraged by demand conditions.”