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De Beers: Diamond Businesses Staying Cautious About Business Expectations

De Beers’ third sales cycle of 2022 (for the period 28 March 28 to 12 April) generated a total of $565 million in revenue, up 26 percent compared to $450 million in the third sales cycle of 2021and down 13 percent from $652 million for the preceding second sale this year.


CEO Bruce Cleaver believed “robust demand for rough diamonds in 2021 and jewellery sales in the first quarter of 2022” could explain the reasons for such strong rough diamond sales. Nonetheless, diamond businesses are staying aware of the possible challenges posed by the war between Russia and Ukraine and COVID lockdowns in China and thus becoming cautious. “As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as COVID-19 lockdowns in China,” Cleaver added. Russian diamond miner Alrosa has been recently named on the Specially Designated Nationals list.




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