Economy

Rough diamond value falls in Cycle 9, says De Beers

De Beers Group has announced that the value of rough diamond sales slightly declined against the previous cycle for the ninth sales cycle of 2020.

Currently, rough diamonds are being provisionally valued at $450m (£338m) for the ninth sales cycle, which is a decrease from the $467m (£351m) sales value for rough diamonds calculated for 2020’s eighth sales cycle.

Due to the pandemic, De Beers has continued to implement a more “flexible” approach to rough diamond sales during this cycle, with the Sight event extended beyond its normal week-long duration.

As a result, the provisional sales value for the ninth cycle represents the expected sales value for the period 2 November to 16 November, and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO of De Beers Group, said: “Steady demand for De Beers Group’s rough diamonds continued in the ninth sales cycle of the year, reflecting stable consumer demand for diamond jewellery at the retail level in the US and China, and expectations for reasonable demand to continue throughout the holiday season.

“However, the resurgence of Covid-19 infections in several consumer markets presents ongoing risks.”

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