De Beers basking on strong demand for rough diamonds, cycle 4 sales surpassed $600 million

De Beers Group, the world ‘s biggest diamond producer by value is currently enjoying good sales onthe back of strong demand for rough diamonds,clocking figures last recorded before the COVID-19 pandemic.

The mining giant recently announced its value of rough diamond sales (Global Sightholder Sales and Auctions) for the ’ fourth sales cycle of 2022, amounting to $604 million.

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

As a result, the provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period 2 May to 17 May and remains subject
to adjustment based on final completed sales.

Bruce Cleaver, CEO, 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.”

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