De Beers Sees Further Sales Jump

RAPAPORT… De Beers’ recorded strong sales at its February sight as rough demand persisted and prices rose in select categories.

Proceeds jumped 18% year on year to $650 million at its second sales cycle of 2022, compared with $550 million a year earlier, the miner reported Wednesday. Sales were slightly lower than the $660 million the company registered at the first cycle in January.

“The second sales cycle of the year saw the continuation of robust rough-diamond demand, underpinned by sustained positive consumer sentiment,” De Beers CEO Bruce Cleaver said in a statement.

The company increased prices of goods under 0.75 carats by around 5% at the sight, customers told Rapaport News on condition of anonymity. The event ran from February 21 to 25, though De Beers is continuing to extend sales beyond the scheduled dates because of the impact of the coronavirus on travel and logistics.

Since the start of the pandemic, De Beers has been holding viewings of goods in global locations including Antwerp and Dubai, as many sightholders have been unable to reach the usual sales location in Gaborone, Botswana.

However, management now aims to stop these and encourage clients to return to physical sights in Botswana. The company will hold its annual networking event for sightholders in the southern African country in May.

“We believe that once we can return to a more normal approach to sights in Gaborone, most sightholders will wish to return to attending sights, as they are valuable opportunities not only to view goods before purchasing, but also to meet with senior De Beers leadership and other sightholder representatives,” a spokesperson for the miner said.

Image: Rough diamonds. (De Beers)