De Beers realises $490mln from latest sales cycle

De Beers' eighth sales cycle of 2021 raked in $490 million compared to $522 million realised during the seventh sales cycle of the year, according to Anglo American.
The diamond company sold diamonds worth $467 million, a year earlier. 
It said the provisional rough diamond sales figure quoted for cycle eight represents the expected sales value for the period 4 October to 19 October and remains subject to adjustment based on final completed sales.
"As the diamond sector prepares for the key holiday season and US consumer demand for diamond jewellery continues to perform strongly, we saw further robust demand for rough diamonds in the eighth sales cycle of the year ahead of the Diwali holiday when demand for rough diamonds is likely to be affected by the closure of polishing factories in India," said De Beers chief executive Bruce Cleaver.
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers has continued to implement a more flexible approach to rough diamond sales during the eighth sales cycle of 2021, with the Sight event extended beyond its normal week-long duration. 

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