Surat [Gujarat] [India], October 20: De Beers, the world’s largest diamond mining company has registered 5% growth in its rough diamond sales in the eighth cycle in the current fiscal year ahead of the Diwali festival, compared to the same period in the previous year.
However, the rough diamond sales of the company decreased 6.13% to $490 million in the eighth cycle in 2021 compared to $522 million during the same cycle in the previous year.
De Beers Group said due to the restrictions on the movement of people and products in various jurisdictions around the globe, the company continued to implement a more flexible approach to rough diamond sales during the eighth sales cycle of 2021, with the sales sight event extended beyond its normal week-long duration.
As a result, the provisional rough diamond sales figure quoted for Cycle 8 represents the expected sales value for the period starting from October 4 to October 19 and remains subject to adjustment based on the final completed sales.
According to De Beers, the sale of rough diamonds during the eighth cycle in 2020 was recorded to $467 million, which increased by 5% to $490 million during the same cycle in 2021.
Bruce Cleaver, CEO, De Beers Group said, “As the diamond sector prepares for the key holiday season and US consumer demand for diamond jewellery continues to perform strongly, we saw further robust demand for rough diamonds in the eighth sales cycle of the year ahead of the Diwali holiday when demand for rough diamonds is likely to be affected by the closure of polishing factories in India”