Published On: Wed, Nov 24th, 2021

Contrasting prospects for diamonds industry

Diamond

Diamond

by MTHULISI SIBANDA
JOHANNESBURG – THE De Beers Group has projected mixed fortunes for rough diamond sales in the short term.

This as the company disclosed US$430 million in sales (provisional) during the Cycle 9, with the value representing sales as at November 23, 2021.

The figure is down from $492 million (actual) from the previous month and lower than the $462 million (actual) during the same period in 2020.

De Beers attributed this to restrictions on the movement of people and products in various jurisdictions around the globe.

Bruce Cleaver, Chief Executive Officer, De Beers Group, said sentiment continued to be positive on the back of strong demand for diamond jewellery from United States consumers, as reflected in the demand seen for rough diamonds during Cycle 9.

Such demand was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival.

Cleaver said as the company headed into Cycle 10, it anticipated rough diamond demand would likewise be affected by the Christmas holiday closure of cutting factories in Southern Africa.

“… but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season,” the executive added.

– CAJ News

 

 

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