De Beers, the world’s biggest diamond producer by volume, recorded rough diamond sales for its seventh sales cycle this year totalling $630 million (R10.8 billion), dropping by 1.2 percent, slightly lower than the $638m of diamonds sold in the sixth cycle.
De Beers, a subsidiary of Anglo American, said owing to the restrictions on the movement of people and products in various jurisdictions around the globe, it had continued to implement a more flexible approach to rough diamond sales during the seventh sales cycle of 2022, with the Sight event extended beyond its normal week-long duration.
“As a result, the provisional rough diamond sales figure quoted for Cycle 7 represents the expected sales value for the period 15 August to 30 August and remains subject to adjustment based on final completed sales,” the group said.
De Beers Group chief executive Bruce Cleaver said: “De Beers Group rough diamond sales continued at a steady level in the seventh sales cycle of 2022. 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.”
In its latest results released on July 22, Anglo American said it forecast a higher annual output of rough diamonds from its De Beers business, bolstered by demand for natural diamonds and recovery from the Covid-19 pandemic.
Anglo American said strong demand for rough diamonds continued into the second quarter, with rough diamond sales totalling 9.4 million carats (8.3 million carats on a consolidated basis) compared with 7.3 million carats (6.5 million carats on a consolidated basis).
BUSINESS REPORT