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News & Highlight


De Beers Rough Sales Steady At Year End Final Sight

De Beers Group announced results of its tenth sales cycle and the final one in 2022 on 21 December. Sales which included the group’s global sightholder sales and auctions reached $410 million as the industry is on the back of pre-holiday stocking and buyers preparing for China’s reopening. 


Sales of the tenth sales cycle are slightly lower than actual sales of $454 million achieved from the previous cycle in October and November by 10 percent, but rose 22 percent compared with the tenth cycle in December 2021.


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


Sightholders expected a large proportion of De Beers’ goods to remain on the table at the sight, as China’s slowdown and the high cost of rough had dented demand. The miner has not made substantial price decreases during the recent slump, and it kept rates steady at the December sale, market insiders said, according to a recent report from Rapaport News.


Bruce Cleaver, CEO of De Beers said: “Demand for our rough diamonds over the final sales cycle of 2022 was in line with expectations, ahead of the normal seasonal closure of polishing factories in southern Africa over the Christmas period and with Sightholders taking a prudent approach ahead of restocking after Christmas and the expected re-opening of the China market.” (Photo courtesy: De Beers)





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