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De Beers rakes in $450mln from ninth sales cycle as steady demand continues

18 november 2020
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Image credit: De Beers Group (Facebook)


De Beers' ninth sales cycle of 2020 raked in $450 million compared to $400 million, a year earlier, according to Anglo American, which has an 85% stake in the diamond company.
The diamond giant realized $467 million from the eighth sales cycle.
"Steady demand for De Beers Group's 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," said De Beers chief executive Bruce Cleaver. 
"However, the resurgence of COVID-19 infections in several consumer markets presents ongoing risks."
De Beers continued to implement a more flexible approach to rough diamond sales during the ninth sales cycle of 2020, with the Sight event extended beyond its normal week-long duration. 
This was due to the continued restrictions on the movement of people and products in various jurisdictions around the globe.

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