De Beers sales shoot to P5.6 billion

Beers Group today announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the sixth sales cycle of 2021.

Sales went up from $477 million (over P5.3 billion) in cycle 5 to $510 million (over P5.6 billion) in cycle 6, reflecting a significant increase bolstered by continued strong demand.

The Mining giant which sources majority of its diamonds in Botswana through Debswana says owing to the restrictions on the movement of people and products in various jurisdictions around the globe, it continued to implement a more flexible approach to rough diamond sales during the sixth sales cycle of 2021, with the Sight event extended beyond its normal week-long duration.

As a result, the provisional rough diamond sales figure quoted for Cycle 6 represents the expected sales value for the period 12 July to 27 July and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO, De Beers Group, said: “Our sixth sales cycle of the year has seen the continuation of good demand for rough diamonds, driven by strong demand for diamond jewellery in the key US and China consumer markets.

With the ongoing strength in consumer sales of diamond jewellery, the outlook remains positive for the second half of the year, subject to the risks that the pandemic continues to present across the globe.

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