De Beers implements flexible approach to diamond sales

Anglo American plc announces the value of rough diamond sales (Global Sightholder Sales and Auctions) for De Beers’ ninth sales cycle of 2020, amounting to $450 million (Cycle 9 2019 = $400m).

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the ninth sales cycle of 2020, with the Sight event extended beyond its normal week-long duration.

As a result, the provisional rough diamond sales figure quoted for Cycle 9 represents the expected sales value for the period 2 November to 16 November and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO, De Beers Group, 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 jewellery at the retail level in the US 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.”