De Beers Group hits $440m in tenth sales cycle

De Beers Group has announced the value of rough diamond sales for the period 7 December to 16 December the tenth sales cycle of 2020 to be $440m (£323m), up from $426m (£313m) the year before.

Despite the restrictions imposed by Covid-19during the period, De Beers said it has continued to implement a more “flexible” approach to rough diamond sales.

It also announced that the tenth sales cycle of the year was extended beyond its normal week long duration.

Together with its joint venture partners, De Beers employs more than 20,000 people across the diamond pipeline with mining operations in Botswana, Canada, Namibia and South Africa.

Bruce Cleaver, CEO, De Beers Group, said: “Positive consumer demand for diamond jewellery as we enter the holiday season is supporting the continuation of retail orders for polished diamonds from the diamond industry’s midstream sector.

“This in turn supported steady demand for De Beers rough diamonds at our final sales cycle of 2020. While the diamond industry ends the year on a positive note, we must recognise the risks that the ongoing Covid-19 pandemic presents to sector recovery both for the rest of this year and as we head into 2021.”