Manufacturers

De Beers fourth cycle diamond sales reach £268m

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, the group said it has continued to implement a more flexible approach to rough diamond sales

De Beers Group has announced a provisional value of its rough diamond sales of $380m (£268m) for the period 3 May to 18 May 2021 for the fourth sales cycle of 2021.

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, the group said it has continued to implement a more flexible approach to rough diamond sales.

Bruce Cleaver, CEO, De Beers Group, said: “We continue to see robust demand for diamond jewellery in the key US and China consumer markets.

“However, the scale of the second wave of Covid-19 in India, where the majority of the world’s diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases.”

He added: “Our thoughts are with all those in India as the country navigates the current challenges presented by the pandemic – reminding us that the road ahead remains uncertain and that we must continue to adopt a watchful approach.”

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