De Beers Group, the world’s largest diamond producer, announced that the value of its rough diamond sales for its 2021 ninth sales cycle was $US430 million ($AU597 million), a slight decrease from the previous period.
Although international COVID restrictions have seen the company implement a more flexible approach to rough diamond sales throughout this cycle, the figures still fell short of the $US492 million it earned in the prior cycle. The figures are subject to adjustment based on the final completed sales.
The figures were also a decline from the same period in 2020, during which its sales figures were $US462 million ($AU641 million).
De Beers responded to buying challenges caused by lockdowns by extending their ninth cycle period from one week to two, with it running from 8 to 23 November.
Bruce Cleaver, CEO De Beers Group, said that the sales figures met the company’s predictions, as “Such demand was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival.”
Cleaver remained positive that things would improve, “As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in southern Africa, but we expect to see positive industry conditions prevailing into the new year.”
It has been a fluctuating year for De Beers. In February, Jeweller reported that sales during its first cycle of 2021 were its single highest selling period since 2018.
1. Cycle 9 2021 provisional sales value represents sales as at 23 November 2021.
2. Cycle 8 2021 actual sales value represents sales between the dates of 4 October to 19 October.
3. Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales
between the end of the preceding cycle and the end of the noted cycle.