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The world's second-largest diamond producer has recorded $US650 million in provisional sales for the first Cycle of 2021, exceeding expectations.
The world's second-largest diamond producer has recorded $US650 million in provisional sales for the first Cycle of 2021, exceeding expectations.

De Beers sales rise to level not seen for three years

Despite a decrease in rough diamond prices, De Beers has announced $US650 million ($AU854 million) in provisional sales for its first reporting period of the year.

The company’s ‘Cycle 1’ figures – which includes sales between 18 January and 2 February 2021 – represent a 19 per cent increase over the same period last year and a 44 per cent increase over its final ‘Cycle’ of 2020.

Bruce Cleaver, De Beers Group
Bruce Cleaver, De Beers Group
"We saw good demand for rough diamonds at the first cycle of the year as midstream customers sought to restock and to fill orders from retail businesses"
Bruce Cleaver, De Beers Group

The figure also represents the company’s highest single-Cycle sales figure since 2018.

Bruce Cleaver, CEO De Beers Group, said, “With the midstream starting the year with low levels of rough and polished inventories, and following strong sales of diamond jewellery over the key holiday season in the US, we saw good demand for rough diamonds at the first cycle of the year as midstream customers sought to restock and to fill orders from retail businesses.”

Cleaver added, “Sales of rough diamonds are also being supported by expected demand ahead of Chinese New Year and Valentine’s Day. While risks to recovery as a result of ongoing restrictions on the movement of both people and goods persist, we have been encouraged by demand conditions.”

The results follow a tumultuous 2020 for the world’s second-largest diamond producer. Last year De Beers was forced to cancel one of its sales events mere hours before it was due to start when Botswana announced a snap lockdown in response to the COVID-19 pandemic.

In July it was revealed the company was planning an urgent restructure of its business after a $US1.2 billion ($AU1.6 billion) year-over-year fall in sales, due to concurrent mining, supply chains and demand disruptions.

De Beers recorded $US2.79 billion ($AU3.7 billion) in sales in total for 2020, a dramatic decrease from the $US4.04 billion ($AU5.3 billion) in 2019 and more than $US5 billion in 2018 and 2017.

De Beers’ second of 10 sights for 2021 is scheduled for 22 February–26 February. In addition to Botswana, the company has been hosting additional events in Antwerp and Dubai to accommodate international sightholders unable to travel.

 

More Reading:
De Beers plans restructuring following $1.2 billion sales collapse
Coronavirus roughs up diamond industry
De Beers cancels March sight; Gemfields auctions uncertain
 











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