De Beers has warned that the COVID-19 pandemic developments in Europe and Mumbai's recent lockdown will likely affect its rough diamond sales.
De Beers raked in $440 million from its third sales cycle of 2021 compared to $550 million recorded during the second sales cycle for the year.
"Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry," said De Beers chief executive Bruce Cleaver.
"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."
The diamond giant continued to implement a more flexible approach to rough diamond sales during the third sales cycle, with the sight event extended beyond its normal week-long duration.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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