Diamond market regaining sparkle — DeBeers sales up again

De Beers, the world’s No.1 diamond miner by value, reported Tuesday a 4.9% rise in sales during the third cycle of the year, compared to the previous period, on the back of a global recovery in diamond prices and demand.

The Anglo American’s unit said provisional diamond sales reached $580 million for the cycle ended April 3, compared with $553 million it gathered in the previous sales cycle, but lower than the $666 million the miner fetched in the third cycle of 2016.

The figure builds on previous results by De Beers, which in January recorded its biggest sale of rough stones in at least a year.

The fresh figures, said De Beers chief executive Bruce Cleaver, reflected “positive sentiment” from the company’s customers following the Hong Kong International Jewellery Show in March.

After a cautious first quarter, diamond buyers are returning to the market, though trading is expected to slow down this month in April during the Passover and Easter holidays.

Dealers, however, remain optimistic following the Hong Kong show, the Rapaport April report shows. Companies are aware that market conditions continue to change, which will impact activity in the medium to long term, it notes.