De Beers reportedly increased rough diamond prices at its second sight of the year, which commenced last Monday, as prices continue to recover from the COVID-19 pandemic.
Bloomberg cited unnamed sources as saying that De Beers lifted prices by about 4%.
Demand for rough diamonds had been showing positive trends since the fourth quarter of 2020, and encouraging levels of consumer demand for diamond jewellery continued during the holiday season in the US, while China also performed well.
De Beers chief executive Bruce Cleaver said early this month that the group registered growth in demand for rough diamonds at the first cycle of the year as mid-stream customers sought to restock and to fill orders from retail businesses.
"Sales of rough diamonds are also being supported by expected demand ahead of Chinese New Year and Valentine's Day," he said then.
"While risks to recovery as a result of ongoing restrictions on the movement of both people and goods persist, we have been encouraged by demand conditions."
De Beers continued to implement a more flexible approach to rough diamond sales during the first sales cycle of 2021, with the Sight event extended beyond its normal week-long duration.
The diamond giant accrued $650 million from the first sales cycle of 2021 compared to $551 million, a year earlier or $452 million the previous month.
Central Africa
Central African refugees in DR Congo to be relocated
The UN Refugee Agency (UNHCR) on Tuesday said it is working to relocate thousands of Central African...
Southern Africa
New lockdown looms in Zimbabwe
Three weeks after relaxing the stringent lockdown, the Zimbabwe government says it won't hesitate to...
Economy
Angola’s Potential $6.4 Billion Sonangol Stake Interests Gemcorp
Angola can expect interest from Gemcorp Capital LLP, which is already invested in the nation’s en...
East Africa
Tanzania swears in new president after sudden death of Magufuli
Tanzania’s soft-spoken Vice President Samia Suluhu Hassan on Friday was sworn in as the East Afric...
West Africa
Pirates kidnap 15 sailors in attack on Turkish container ship off coast of Nigeria
Pirates off Nigeria's coast kidnapped 15 sailors from a Turkish container ship on Saturday, in a b...
Mining
Norilsk Nickel to support Kola Sami
An arrangement was reached on the joint preparation of a long-term agreement for interaction and coo...
North Africa
Egypt says Ethiopia seeks to impose "fait accompli" by filling Nile dam
The Egyptian Foreign Ministry said on Thursday that Ethiopia seeks to impose "a fait accompli" on Eg...
Business
South Africa’s biggest bank sends out earnings warning as unsecured loans bite
Financial services group and Africa’s biggest lender by assets, Standard Bank warned on Wednesday ...
Opinion
Dangers of big oil spending cuts are visible in Angola’s slump
The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping mor...