Image credit: De Beers
De Beers’ sixth and seventh sales cycles of 2020 generated $116 million and $320 million, respectively, according to Anglo American, which has an 85% stake in the diamond company.
This brings the total revenue for the two rough diamond sales to $436 million.
This year’s cycle 7 firmed when compared to $287 million realised at the same time, a year earlier.
“Diamond markets showed some continued improvement throughout August and into September as Covid-19 restrictions continued to ease in various locations, and manufacturers focused on meeting retail demand for polished diamonds, particularly in certain product areas,” said De Beers chief executive Bruce Cleaver.
“Overall industry sentiment has become more positive as jewellers in the key US and Chinese consumer markets gained confidence ahead of the important year-end holiday season, supported by strong bridal diamond jewellery demand across markets.”
He said De Beers recorded a recovery in rough diamond demand in the seventh sales cycle of the year following several months of minimal manufacturing activity and disrupted demand patterns in all major markets.
“It’s clear that the recovery is at an early stage and we expect that it will take some time to get back to pre-Covid-19 levels of demand,” said Cleaver.
De Beers continued to implement a more flexible approach to rough diamond sales during the sixth and seventh sales cycles of 2020 due to the restrictions on the movement of people and products in various jurisdictions around the globe.
Anglo said the normal week-long Sight events were extended towards near-continuous sales.
As a result, the provisional rough diamond sales figure quoted for cycle 7 represents the expected sales value for the period 19 August to 10 September, and remains subject to adjustment based on final completed sales.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
