Steady demand at De Beers' final sales cycle
The De Beers Group reported stable buying activity at its latest sales cycle on the back of sustained consumer demand for diamond jewellery ahead of the holiday season.
The group sold US$440 million worth of rough diamonds in the 10th sales cycle of 2020 from December 7 to 16, up from US$426 million in 2019. Sales reached US$462 million at cycle nine this year.
Bruce Cleaver, CEO of De Beers Group, explained, “Positive consumer demand for diamond jewellery as we enter the holiday season is supporting the continuation of retail orders for polished diamonds from the diamond industry’s midstream sector. This in turn supported steady demand for De Beers rough diamonds at our final sales cycle of 2020.”
The latest Sight event was extended beyond its normal week-long duration as De Beers maintained a flexible approach to sales, owing to business restrictions and social distancing measures around the globe.
Cleaver however warned against continued threats posed by the Covid-19 crisis. "While the diamond industry ends the year on a positive note, we must recognise the risks that the ongoing Covid-19 pandemic presents to sector recovery both for the rest of this year and as we head into 2021," he added.
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