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De Beers: Rough Diamond Sales For Cycle 3 Still Solid, But Challenges Remain April 07, 2021 (0 comments)


Gaborone, Botswana—De Beers Group on Wednesday announced the value of rough diamond sales from the third cycle of its Global Sightholder Sales and Auctions. Owing to the ongoing pandemic restrictions around the globe, De Beers Group has continued to extend the period for its cyclical sights beyond the traditional one-week duration. Provisional sales figures cover the period from March 22 to April 6, and remains subject to adjustment based on final completed sales. 

Total sales for the third cycle of 2021 declined somewhat from the second cycle, but Bruce Cleaver, De Beers Group CEO, says it’s not a reason for worry.

“Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry. Sales were in line with expectations and both market sentiment and overall industry conditions remain positive. 

“However, with pandemic developments in Europe and Mumbai’s recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to Covid-19.”

Sales for the period were approximately $440 million, down from $550 million in the second cycle. 

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