De Beers sales surge 56% to £486.5m in Cycle 4

The De Beers Group has announced its rough diamond sales surged 56% year-on-year between 2 May to 17 May, the fourth sales cycle of 2022, rising from $385m (£310m) to $604m (£486.5m).

This also marks a 6.7% increase from $566m (£455.9m) in Cycle 3 2022, led by “strong” consumer demand for diamond jewellery in the US in particular.

De Beers said that owing to the restrictions on the movement of people and products in various jurisdictions around the globe, it 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.

Bruce Cleaver, CEO of De Beers Group, said: “We saw the continuation of good demand for our rough diamonds during the fourth sales cycle of 2022, supported by strong consumer demand for diamond jewellery in the US.

“However, 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. Meanwhile, diamond businesses are also continuing to closely monitor the effects of Covid-19-related lockdowns in China and the war in Ukraine and associated sanctions.”