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London, UK--De Beers Group announced the value of rough diamond sales for its most recent Global Sightholder Sales and Auctions, the eighth cycle of 2020, were up sharply over the same cycle last year. The provisional total for Cycle 8 2020 is USD $467 million; a 37% jump over the Cycle 8 sales total of $297 million in 2019. Image: A Diamond Trading Company Sight box at Rubel & Menasche.

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group continued to implement its more flexible approach to rough diamond sales, with the Cycle 8 Sight event extended beyond its normal week-long duration. De Beers holds 10 sightholder sales and auction cycles per year.

The provisional rough diamond sales figure quoted for Cycle 8 represents the expected sales value for the period of September 21 - October 9, 2020 (subject to adjustment based on final completed sales.). Although total sales for 2020 are still down year-to-date vs. 2019—owing to a halted Cycle 3 and very low totals ($56 million) in Cycles 4 and 5—demand began rebounding very quickly. Although Cycle 6 sales (July) still were far below the same cycle in 2019, at $116 million it was more the double the prior two cycles in 2020. 

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But Cycle 7 in 2020 posted sales gains over 2019’s Cycle 7 figures. Cycle 7 sales (actual) were $287 million in 2019 vs. $334 million in 2020, an approximately 14-15% gain.

De Beers has seen demand for rough in its sightholder sales rocket back beginning with Cycle 7  of 2020 (second bar from right).

Bruce Cleaver, CEO, De Beers Group, said: “We continue to see a steady improvement in demand for rough diamonds in the eighth sales cycle of the year, with cutters and polishers increasing their purchases as retail orders come through ahead of the key holiday season. It’s encouraging to see these demand trends, but these are still early days and there is a long way to go before we can be sure of a sustained recovery in trading conditions.”