De Beers ups prices of diamonds at first sale of 2021 – report

De Beers increased prices of its rough diamonds by about 5% at its first sale of the year, which shows that the industry is now recovering from the COVID-19 pandemic, according to news reports.
Bloomberg quoted unnamed people familiar with the situation as saying that the increases largely applied to stones bigger than 1 carat.
"The diamond industry has surprised many by the speed of its recovery after being brought to a complete standstill in the first half of last year," writes Bloomberg.
"Crucial holiday sales in the U.S. and China were strong, while a shortage of stock held by industry middlemen created strong demand."
The recovery of the diamond market started in the fourth quarter of 2020 as buyers of rough stones were restocking ahead of the holiday season.
The first half of 2020 saw diamond sales tumbling, while some diamond retailers and factories were forced to close. 
De Beers had to cut production, resulting in a tighter supply just as shoppers returned to stores in parts of China and the U.S.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished