De Beers Sales Jump as Demand Holds Up

RAPAPORT... De Beers' rough sales strengthened in May as the miner benefited from strong consumer demand, with proceeds reaching higher levels than normal for the time of year.The company grossed $604 million at its fourth sales cycle of the year, which included last month's sight in Gaborone, Botswana, it reported Wednesday. The figure was 57% higher than the $385 million it brought in during the same period of 2021 and rose 7% compared with the $566 million it garnered at its previous sale in late March and early April."We saw the continuation of good demand for our rough diamonds during the fourth sales cycle of 2022, supported by strong consumer demand for diamond jewelry in the US," said De Beers CEO Bruce Cleaver. "However, rough-diamond demand in the coming cycle will be affected as usual by the closure of many diamond-polishing factories in India for the traditional May holidays."In addition, diamond businesses are monitoring the effects of lockdowns in China and the war in Ukraine, Cleaver added.Sales increased 21% year on year to $2.48 billion for the first four cycles of 2022, according to Rapaport calculations based on De Beers' reports.Image: Rough-diamond sorting at De Beers' Namibia operations. (Ben Perry/Armoury Films/De Beers)