De Beers posts lower third cycle sale as a fresh wave of the Covid-19 in Europe signal rough times

However, with pandemic developments in Europe and Mumbai’s recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that industry will continue to see challenges relating to Covid-19.

De Beers posts lower third cycle sale as a fresh wave of the Covid-19 in Europe signal rough times

De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the third sales cycle of 2021, amounting to $440 million (P4.8bn). This is decline compared to $550 million for the second cycle sale 2021.  

Following a good holiday season and that trend continuing during the first quarter of 2021, Bruce Cleaver, CEO, De Beers Group, says the industry has again seen solid demand for rough diamonds as “we begin a traditionally quieter period of the year for the diamond industry”. Cleaver says 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.”

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group says it has continued to implement a more flexible approach to rough diamond sales during the third sales cycle of 2021, with the Sight event extended beyond its normal week-long duration. As a result, the miner says the provisional rough diamond sales figure quoted for Cycle 3 represents the expected sales value for the period 22 March to 6 April and remains subject to adjustment based on final completed sales.