Articles and News

Gaborone, Botswana—De Beers Group announces the provisional value of rough diamond sales for the ninth sales cycle of its 2020 Global Sightholder Sales and Auctions was USD $450 million. The provisional figure is down very slightly from October 2020’s actual totals of US $467 million, but up year-on-year from 2019’s November sale total of $400 million.

Sales took a nosedive earlier in the year due to the coronavirus pandemic. The March/April sight (Cycle 3, March 30 - April 3) was canceled and, while sights resumed with Cycle 4 in early May, sales were negligible through July. De Beers did adjust rough diamond prices downward to spur demand: by 10% on larger rough in August and then on smaller (<1.0 carat) rough in September. Sales began picking up with the August sight, which were $334 million. Russian diamond miner Alrosa—which together with De Beers controls half the world’s diamond supply—also cut prices in August.

Owing to ongoing pandemic restrictions worldwide, De Beers continued its more flexible approach to rough diamond sales during the cycle. The Sight was extended beyond its normal week-long duration, so the provisional figure quoted for Cycle 9 represents expected sales value for the period of November 2 to November 16, vs the usual one-week period. Figures remain subject to adjustment based on final completed sales.

De Beers Group CEO Bruce Cleaver said, “Steady demand for De Beers Group’s rough diamonds continued in the ninth sales cycle of the year, reflecting stable consumer demand for diamond jewelry at the retail level in the United States and China, and expectations for reasonable demand to continue throughout the holiday season. However, the resurgence of Covid-19 infections in several consumer markets presents ongoing risks.”

Meanwhile, the latest report from diamond industry analyst Edahn Golan says consumers should expect higher diamond prices this holiday season, as the rapid return of diamond demand coupled with earlier shutdowns in the manufacturing pipeline has put certain popular categories in short supply. 

Related: Fancy Color Diamond Prices Remain Stable; Other Diamond Prices On Upswing