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Gaborone, Botswana—Demand for rough diamonds soared in the first De Beers Group sales cycle of 2021, showing that the increased demand for diamonds during the pandemic is benefiting the entire upstream supply chain.

Provisional sales by value for the first cycle (January 18-February 2), were $650 million. That is more than 30% higher than the $452 million sold during the final cycle of 2021, conducted in early December. The first cycle of 2021 also represents a 16% gain in value over the same cycle last year, which totaled $551 million.

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers has continued to implement a more flexible approach to rough diamond sales during the first sales cycle of 2021, with the Sight event extended beyond its normal week-long duration. 

De Beers Group CEO Bruce Cleaver said, “With the midstream starting the year with low levels of rough and polished inventories, and following strong sales of diamond jewelry over the key holiday season in the US, we saw good demand for rough diamonds at the first cycle of the year as midstream customers sought to restock and to fill orders from retail businesses. 

“Sales of rough diamonds are also being supported by expected demand ahead of Chinese New Year and Valentine’s Day. While risks to recovery as a result of ongoing restrictions on the movement of both people and goods persist, we have been encouraged by demand conditions.”