Raw diamond sales show first signs of recovery after Covid pandemic 19

Recent data from the De Beers Group reveals that sales of the company's rough diamonds are starting to surpass last year for the first time since the pandemic.



This is visible through De Beers figures for the sixth and seventh "sales cycle" for 2020.



As measures for covid 19 and lockdown affected most markets, De Beers had seen a sharp drop in sales for most of the year.



After a strong performance at the beginning of the year before the pandemic, reaching $ 551 million (30 430.6 million) in the first cycle, sales fell to an all-time low in the third cycle.



The company said its sales have now recovered, however, with the $ 320 million (250 250 million) cycle surpassing the same period in 2019, which reached just $ 287 million (22 224 million).



The De Beers Group noted that the provisional number of rough diamond sales reported in cycle seven represents the expected sales value for the period 19 August to 10 September and remains adjusted based on the final completed sales.



Bruce Cleaver, CEO of De Beers Group, said: "Diamond markets have seen some steady improvement throughout August and September, as restrictions on Covid-19 continued to ease in various locations and manufacturers focused on meeting demand. retail for machined diamonds, in particular in certain mining areas.



"The overall industry climate has become more positive as jewelers in key US and Chinese consumer markets gained confidence ahead of the significant holiday season at the end of the year, supported by strong demand for diamond jewelery in all markets.



"As a result, we have seen a recovery in demand for rough diamonds in the seventh year of sales, reflecting these retail trends, after several months of minimal construction activity and disrupting demand patterns in all major markets. It is clear that the recovery is at an early stage and we expect it will take some time to return to demand levels before Covid-19. "