De Beers diamond sales drop 21% in Cycle 8

De Beers Group has announced its rough diamond sales dropped 21.6% to $500m (£439.3m) in the eighth sales cycle of 2022, compared to $638m (£560.5m) in Cycle 7 2022.

However, sales are up 1.6% year-on-year, compared to $492m (£432.9m) in Cycle 8 2021.

De Beers said that it continues to implement a more flexible approach to rough diamond sales during the eighth sales cycle of 2022, due to restrictions on the movement of people and products in various jurisdictions around the globe. 

As a result, the Sight event extended beyond its normal week-long duration.

Bruce Cleaver, De Beers Group CEO, said: “Demand for our rough diamonds during sales cycle 8 was in line with expectations at what is a traditionally quieter time of year for the diamond industry as polishing factories in India prepare for closures ahead of the Diwali holidays.

“The steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key holiday sales season in the US.”