Diamond jewellery demand in US, China robust; India's demand affected by Covid-19 wave
Diamond miner De Beers continues to see "robust" demand for diamond jewellery in the key US and China consumer markets, says CEO Bruce Cleaver.
The scale of the second wave of Covid-19 infections in India, where the majority of the world’s diamonds are cut and polished, has, however, led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases, he adds.
"Our thoughts are with all those in India as the country navigates the current challenges presented by the pandemic – reminding us that the road ahead remains uncertain and that we must continue to adopt a watchful approach," Cleaver says.
De Beers recorded $380-million of sales in the fourth sales cycle of the year.
That is lower than the $450-million in sales recorded for the third sales cycle, but higher than the $56-million in sales recorded for the combined fourth and fifth sales cycles of 2020.
De Beers notes that it has, owing to the restrictions on the movement of people and products in various jurisdictions around the globe, continued to implement a more flexible approach to rough diamond sales during the fourth sales cycle of this year, with the sight event having been extended beyond its normal week-long duration.
As a result, the provisional rough diamond sales figure quoted for the fourth sales cycle represents the expected sales value for the period from May 3 to 18 and remains subject to adjustment based on final completed sales.
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