De Beers Rough Sales Decrease 20% M-o-M To $440 Million
De Beers posted rough diamond sales of $440 million for its third sales cycle of 2021 that ran beyond its normal week-long duration, from 22nd March to 6th April. The provisional Cycle 3 sales figure is 20% lower than $550 million recorded for the second cycle of this year. There was no Cycle 3 held in 2020 due to the global pandemic shutdown.
The company continued to implement a more flexible approach to rough diamond sales during the third sales cycle of 2021 owing to the restrictions on the movement of people and products in various jurisdictions around the globe.
Bruce Cleaver, CEO, De Beers Group, said: “Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry. Sales were in line with expectations and both market sentiment and overall industry conditions remain positive. However, with pandemic developments in Europe and Mumbai's recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to Covid-19.”