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De Beers holds eighth Sight as viewings continue in different locations

23 september 2020
     Image credit: De Beers

De Beers’ eighth Sight of 2020 commenced on Monday as the group continues holding some viewings of rough diamond boxes outside of Botswana.
The diamond giant had previously said it will have viewings in different locations, including Dubai and Antwerp because of the global travel restrictions to curb the spread of COVID-19.
“All the transactional elements of sales will continue to take place in Botswana, but we are offering viewings in other locations so that customers unable to travel to Gaborone can still view the boxes before they decide whether to purchase,” group spokesperson David Johnson told Rough & Polished. 
“We also continue to hold the Sight in Gaborone for those customers that are able to attend in person.”
Meanwhile, Johnson said that it was not yet clear when Sights will return to normal, as the group needs to respond to the situation with the pandemic and any associated restrictions on movement as necessary. 
De Beers’ sixth and seventh sales cycles of 2020 generated $116 million and $320 million, respectively.
This year’s cycle 7 firmed when compared to $287 million realised at the same time, a year earlier.
The recovery in rough diamond demand in the seventh sales cycle of the year came after several months of minimal manufacturing activity and disrupted demand patterns in all major markets.
De Beers chief executive Bruce Cleaver recently said that diamond markets showed some continued improvement throughout August and into September as Covid-19 restrictions continued to ease in various locations, and manufacturers focused on meeting retail demand for polished diamonds.
He said overall industry sentiment had become more positive as jewellers in the key US and Chinese consumer markets gained confidence ahead of the important year-end holiday season, supported by strong bridal diamond jewellery demand across markets.
De Beers’ normal week-long Sight events had been extended towards near-continuous sales, according to its parent company, Anglo American.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished