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De Beers’ January diamond sales top pre-Covid figures

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De Beers’ rough diamond sales for January 2021 have exceeded pre-pandemic sales for the company.

Sales last month beat out both January and December 2020 figures in spite of ongoing coronavirus restrictions worldwide.

The company’s ‘cycle 1’ 2021 saw a provisional $650 million (£475 million) in rough diamond sales.

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This is compared to $452 million (£330 million) in cycle 10 2020, representing sales between 7 and 16 December, the lead-up to the Christmas period.

Furthermore, the company even eclipsed its cycle 1 2020 performance, taking place in January last year, pre-pandemic. Sales in that period were $551 million (£403 million).

Bruce Cleaver, CEO of De Beers Group, said: “With the midstream starting the year with low levels of rough and polished inventories, and following strong sales of diamond jewellery 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.”

Tags : De Beersdiamond salesfinancialrough diamond sales
Sam Lewis

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