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De Beers CEO forecasts Diwali disruption to diamond sales

De Beers has announced rough diamond sales totalling $US630 million at the seventh cycle of 2022.

De Beers is the world’s largest diamond mining company by value, with operations in Botswana, Namibia, South Africa, and Canada as well as plans to resume mining in Angola.

The seventh cycle represents rough sales completed between 15-30 August. This year’s sales exceeded the 2021 sales ($US522 million) by more than 20 per cent.

The previous cycle sales totalled $US638 million.

De Beers Group CEO Bruce Cleaver said upcoming festivities in India were likely to impact upcoming sales.

“De Beers Group rough diamond sales continued at a steady level in the seventh sales cycle of 2022,” he said.

“In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays.”

De Beers completes 10 sales cycles each year.

More reading

Strong sales for De Beers amid robust demand
De Beers returning to Angola after strong start to 2022
Alrosa and De Beers reportedly hike prices of rough diamonds
De Beers extends contract in Botswana; forecasts positives in India
De Beers and Petra diamond sales increase, could benefit further from sanctions in Russia
De Beers uncertain to meet rough demand while diamond shortage worsens



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