De Beers, the world’s biggest diamond producer by volume, recorded rough diamond sales for its eight sales cycle this year totalling $500 million (R8.9bn).
According to the company, this compares to the $492m of rough diamonds sold in the eighth sales cycle of 2021.
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, De Beers continued to implement a more flexible approach to rough diamond sales during the eighth 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 8 represents the expected sales value for the period 19 September to 4 October and remains subject to adjustment based on final completed sales,” it said.
De Beers Group CEO Bruce Cleaver said: “Demand for our rough diamonds during sales cycle 8 was in line with expectations at what is a traditionally quieter time of year for the diamond industry as polishing factories in India prepare for closures ahead of the Diwali holidays.
“The steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key holiday sales season in the US.” - Dieketseng Maleke
BUSINESS REPORT
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