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De Beers’ profits rebound amid COVID recovery

The latest financial reports from De Beers indicate the company – the world’s second-largest diamond producer by volume – has returned to the black.

Revenue increased to $US2.9 billion in the first six months of 2021, compared with $US1.22 billion during the same period in 2020 due to the COVID-19 pandemic.

Rough sales increased from 8.55 million carats to 19.1 million carats, while production also increased from 11.3 million carats to 15.4 million carats; De Beers has indicated its annual production target for 2021 is 32–33 million carats.

The promising results were “driven by robust rough diamond demand as the midstream pulled through stocks in response to the recovery in consumer demand,” according to the report.

"The closing price index was 14 per cent above the opening index over the first six months of 2021, reflecting positive consumer demand for diamond jewellery as well as tightness in inventories"
De Beers statement

“The closing price index was 14 per cent above the opening index over the first six months of 2021, reflecting positive consumer demand for diamond jewellery as well as tightness in inventories across the diamond value chain,” it added.

Consumer demand has been largely driven by the recovery in the US market, which has benefited from relaxed restrictions in the wake of mass COVID-19 vaccinations.

Globally, international travel restrictions have also led to increased consumer spending on luxury goods.

Meanwhile, an outbreak in India in April and May led to shortages, which restricted supply and boosted polished prices.

De Beers recorded provisional sales of $US510 million for its sixth ‘Cycle’ of the year, up from $US477 million in the previous Cycle and $US116 million for the same period in 2020.

In February 2021, the company reported an underlying loss of $US102 million for the 2020 financial year.

More reading:
Large pink diamond found in Botswana; Cullinan blue diamond sold
Two times lucky: 1,000-carat diamonds discovered
Diamond market rebounds; prices rise
De Beers re-brands Forevermark diamond jewellery

 











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