De Beers nets $604 million in fourth sales cycle of 2022

Anglo American announced that De Beers’ revenue from the fourth cycle of rough diamond sales this year reached $604 million surpassing the previous cycle result of $566 million.
“Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the fourth sales cycle of 2022, with the Sight event extended beyond its normal week-long duration. As a result, the provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period 2 May to 17 May and remains subject to adjustment based on final completed sales,” Anglo American said in its announcement.
Bruce Cleaver, CEO, De Beers Group, commenting the sales said that the company continued to see good demand for its rough diamonds during the fourth sales cycle of 2022, supported by strong consumer demand for diamond jewellery in the US. He noted however, that rough diamond demand in the coming cycle will be affected as usual by the closure of many diamond polishing factories in India for the traditional May holidays. According to him, diamond businesses are continuing to closely monitor the effects of Covid-19-related lockdowns in China, the Russia-Ukraine conflict and associated sanctions.