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De Beers sales rise 12% as diamond demand recovers

Credit: De Beers

De Beers Group announced on Wednesday that sales of rough diamonds rose more than 12% in the latest sales cycle, as demand improves on the back of easing covid-19 restrictions and ahead of the holiday season.

Sales of $450 million between November 2 and November 16 were higher than the $400 million a year earlier, but declined from the $467 million in the eighth cycle between September 21 and October 9.

“Steady demand for rough diamonds continued in the ninth sales cycle of the year, reflecting stable consumer demand for diamond jewellery at the retail level in the US and China, and expectations for reasonable demand to continue throughout the holiday season,” De Beers CEO Bruce Cleaver said in a media release.

“However, the resurgence of covid-19 infections in several consumer markets presents ongoing risks.”

The company has continued to implement a more flexible approach to sales during the year, as a result of restrictions triggered by the pandemic.

It has also cut prices of its stones, sometimes by almost 10% for larger diamonds, in an effort to spark sales.

On Tuesday, rival Petra Diamond Petra reported a 36% fall in revenue and a net loss of $223 million for the year ended June 30, as the pandemic deepened the company’s financial woes.