De Beers Sales Robust Ahead of Diwali, US Holidays

RAPAPORT... De Beers continued to see strong demand at its latest sales cycle as manufacturers bought rough diamonds ahead of the holidays and the seasonal shutdown in India.Proceeds from the miner's eighth sale of the year - including the September sight - rose 5% year on year to $490 million, up from $467 million in the equivalent period of 2020, the company reported Wednesday. Sales were, however, lower than the $522 million De Beers registered during this year's seventh cycle."As the diamond sector prepares for the key holiday season and US consumer demand for diamond jewelry continues to perform strongly, we saw further robust demand for rough diamonds in the eighth sales cycle of the year," commented De Beers CEO Bruce Cleaver. Closures of polishing factories during India's Diwali holiday - which begins on November 4 - are likely to affect appetite for rough, he added.Cutters traditionally stock up or increase production levels ahead of the Diwali season, since factories close for around two weeks and little time remains after the festival to prepare merchandise for the US holidays. Despite the robust market, De Beers maintained prices at the sight, having raised them several times in the past year, customers told Rapaport News.Image: Rough diamonds on display at De Beers' offices in Calgary, Canada. (Ben Perry/Armoury Films/De Beers)