De Beers raises prices yet again – report

De Beers has raised prices for its rough diamonds by about 5% at the July sale taking place this week, according to media reports.
Bloomberg quoted unnamed sources as saying that most of the price increases were on higher-quality stones.
The Anglo American unit had been raising rough prices since the beginning of the year as the diamond industry continues on a recovery path following last year’s collapse in sales due to the COVID-19 pandemic.
“The company is now cashing in on resurgent demand from its customers, the mostly family-owned businesses that trade, cut and polish the stones,” reports Bloomberg.
“Buyers have been replenishing supplies and are competing fiercely for goods needed to keep factories running. Consumer demand remains strong and prices of polished gems are also rising.”
Although demand had been driven by the re-opening of the global economy, especially in key markets of the U.S. and China where strong sales are being recorded, some consumers are not happy with the continued price increases from De Beers and Russia’s Alrosa.
The unnamed consumers said the diamond giants had “gone too far … as polished prices need to rise higher in the future to justify rates that rough stones are fetching right now”.

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