Steady demand at De Beers amid 'quiet' season
Appetite for rough diamonds at De Beers Group’s latest sales cycle remained stable and in line with market expectations, the company said.
De Beers’ eighth sales cycle of 2022, which includes global Sightholder sales and auctions, reached US$500 million, up slightly from US$492 million during the same cycle last year but lower than this year’s seventh sales cycle of US$638 million.
Bruce Cleaver, CEO of De Beers Group, commented, “Demand for our rough diamonds during sales cycle eight 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.”
Cleaver meanwhile said an overall steady 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.
The group continued to implement a more flexible approach to rough diamond sales, with the Sight event extended beyond its normal week-long duration.