De Beers earned $430 million from its ninth sales cycle of 2021 compared to $492 million during the eighth sales cycle or $62 million, a year earlier.
Company chief executive Bruce Cleaver said demand registered during the ninth cycle was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival.
“As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in southern Africa, but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season," he said.
De Beers continued to implement a more flexible approach to rough diamond sales during the ninth sales cycle with the sight event extended beyond its normal week-long duration.
This was due to the restrictions on the movement of people and products in various jurisdictions around the globe.
Mathew Nyaungwa, Editor in Chief of the African Bureau in Saurimo, Angola, Rough&Polished
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