De Beers boosts earnings from latest rough diamonds sale

De Beers raked in $470 million from its fifth sales cycle compared to $385 million, the previous sales cycle, according to its parent company, Anglo American. 
“With demand for diamond jewellery in the key consumer markets of the US and China continuing to be positive, and midstream capacity in India returning, we have seen strong demand for rough diamonds during the fifth sales cycle,” said De Beers chief executive Bruce Cleaver.
“Overall sentiment is increasingly optimistic as we move towards the second half of the year and, while risks as a result of the global pandemic persist, we have been encouraged by the condition of the market.”
Media reports suggested recently that De Beers increased prices of some rough diamonds at the fifth sales cycle as demand from cutters and polishers rises.
Bloomberg reports, citing unnamed sources, that De Beers hiked the prices for some rough diamonds bigger than 2 carats by about 10%, with other expensive goods rising in high single digits.
The diamond miner also increased the prices of some categories of smaller goods.
According to Bloomberg, De Beers has been increasing since the end of last year and was already back to pre-coronavirus levels.

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