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De Beers Group rough diamond sales fall to £321m

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De Beers Group has announced the provisional value of its rough diamond sales for the ninth sales cycle of 2021 has fallen year on year by 6.9% to $430m (£321m) from $462m (£345m).

Additionally, the group’s ninth cycle sales also fell by 12.6% compared to its eight cycle sales this year of $492m (£368m).

De Beers cited restrictions on the movement of people and products in various jurisdictions around the globe as the reason for the fall in sales.

Additionally, the company said it has “continued to implement a more flexible approach to rough diamond sales during the ninth sales cycle of 2021”, with the Sight event extended beyond its normal week-long duration.

Meanwhile, the group said the provisional rough diamond sales for its ninth cycle represents the expected sales value for the period 8 November to 23 November, and it remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO, said: “Sentiment continues to be positive on the back of strong demand for diamond jewellery from US consumers and this was reflected in the demand we saw for rough diamonds during cycle nine. Such demand 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.”

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