Economy

De Beers value rough diamond sales at $467m

De Beers Group has announced the value of rough diamond sales at $467m (£360m) for the eighth sales cycle of 2020.

The diamond company has implemented a more flexible approach to rough diamond sales during this cycle, with the online Sight sales event extending beyond its normal week-long duration.

The sales value for 2020’s eight cycle is an increase from $334m (£257m) during this year’s seventh cycle and $297m (£229m) from the same period last year.

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The provisional rough diamond sales figure quoted for cycle eight represents the expected sales value from 21 September to 9 October, and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO of De Beers Group, said: “We continue to see a steady improvement in demand for rough diamonds in the eighth sales cycle of the year, with cutters and polishers increasing their purchases as retail orders come through ahead of the key holiday season.

“It’s encouraging to see these demand trends, but these are still early days and there is a long way to go before we can be sure of a sustained recovery in trading conditions.”

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