De Beers Sales Strengthen in August

RAPAPORT... De Beers' sales rose year on year in August, defying global economic uncertainty amid solid rough demand.Proceeds came to $630 million at the seventh sales cycle of 2022, up 21% compared with the $522 million the company registered in the equivalent period of 2021, De Beers reported Wednesday. Sales slipped 1% versus the sixth cycle, which took place in July and saw rough revenues of $638 million."De Beers Group rough-diamond sales continued at a steady level in the seventh sales cycle of 2022," said CEO Bruce Cleaver in a statement. "In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays."The total included the seventh sight of the year, which ran from August 15 to 19. De Beers kept prices mainly stable, sightholders reported.Inflation in the US and weak spending in China have fueled concerns in the rough sector. Dubai-based tender house Trans Atlantic Gem Sales (TAGS) offered a smaller volume of goods than usual - around $30 million in value - at its August 17 sale, citing the market situation. Prices were weak in 0.75-carat and larger categories in the better qualities, TAGS said. Rough trading traditionally picks up ahead of Diwali, which occurs on October 24 this year, before slowing as Indian manufacturers shut for around two weeks. Image: A collection of rough diamonds on display at De Beers' offices in Calgary, Canada. (Ben Perry/Armoury Films/De Beers)