Exclusive
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De Beers rough diamond sales drop to $380 mln
The diamond giant chief executive Bruce Cleaver said although they continued to see robust demand for diamond jewellery in the key US and China consumer markets, the scale of the second wave of COVID-19 in India, where the majority of the world's diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand.
He also said that the diamond industry was also going through a seasonally slower time of the year for midstream purchases.
"Our thoughts are with all those in India as the country navigates the current challenges presented by the pandemic - reminding us that the road ahead remains uncertain and that we must continue to adopt a watchful approach," said Cleaver.
De Beers continued to implement a more flexible approach to rough diamond sales during the fourth sales cycle, with the sight event extended beyond its normal week-long duration.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished