De Beers ninth sales cycle provisionally brings in $430m

Diamond miner De Beers Group earned about $430-million from the sale of rough diamonds during its ninth sales cycle of this year.

Owing to restrictions on the movement of people and products in various jurisdictions around the globe, De Beers has continued to implement a more flexible approach to rough diamond sales during the ninth sales cycle of this year, with the sight event extended beyond its normal week-long duration.

As a result, the provisional rough diamond sales figure quoted for Cycle 9 represents the expected sales value for the period November 8 to 23 and remains subject to adjustment based on final completed sales, says De Beers.

CEO Bruce Cleaver notes that the sentiment for diamond jewellery from US consumers continues to be positive on the back of strong demand, and that it was reflected in the demand for rough diamonds during the ninth sales cycle.

“Such demand was in line with expectations, given the normal pattern of cutting factory closures in India during the Diwali festival.

“As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in Southern Africa, but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season,” he adds.