Monday, 20th September 2021

De Beers increases diamond prices – again

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.

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