De Beers rough diamond sales drop 13% to £433m

The De Beers Group has announced its rough diamond sales dropped 13% in the period from 28 March to 12 April (cycle three) from $652m (£500.26m) in the second sales quarter to $565m (£433.51m).

However, this is still up 25% year-on-year compared to $450m (£345.2m) in the third cycle of 2021.

The group said the fall in sales is due to the restrictions on the movement of people and products in various jurisdictions around the globe. 

Consequently, De Beers has reportedly continued to implement a “more flexible approach” to rough diamond sales during the third sales cycle of 2022, with the Global Sightholder Sales and Auctions event extended beyond its normal week-long duration. 

Bruce Cleaver, CEO of De Beers Group, said: “On the back of robust demand for rough diamonds in 2021 and jewellery sales in the first quarter of 2022, and reflecting continued year-on-year growth in consumer demand for diamond jewellery, demand for De Beers Group rough diamonds remained strong in the third sales cycle of 2022.

“As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China.”

source https://www.jewelleryfocus.co.uk/204806-de-beers-rough-diamond-sales-drop-13-to-433m