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Gaborone, Botswana—De Beers Group on Wednesday announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the second sales cycle of 2021, concluded March 8. While results are dramatically improved over the same cycle in 2020, sales for this cycle were not quite as robust as the results for Cycle 1 2021, held January 18 through February 2, 2021.

Provisional rough diamond sales for the second cycle totalled $550 million, compared to the $663 (actual) total sold in Cycle 1. But they’re significantly better than the $362 tallied last year at this time, as the global pandemic was unfolding and lockdowns went into effect worldwide.

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the second sales cycle of 2021, with the Sight event extended beyond its normal week-long duration. As a result, the provisional rough diamond sales figure quoted for Cycle 2 represents the expected sales value for the period covering February 22 to March 8, and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO, De Beers Group, said: “We saw the continuation of good rough diamond demand during our second sales cycle of 2021 on the back of positive consumer demand for diamond jewelry. Midstream buyers continued to express healthy demand following better than expected retail sales of diamond jewelry over Christmas, Chinese New Year, and Valentine’s Day, with the industry now set to enter what is traditionally a period of lower seasonal demand. While the year has started positively, we recognize ongoing near-term uncertainty in the pace and shape of the recovery.”