Covid Recovery: De Beers "Sells $300m" at August Sight
September 01, 20
(IDEX Online) - De Beers reportedly sold $300m of rough at Sight 7 last week, after offering 10 per cent discounts to buyers.
It signals the start of a recovery after its sales for the whole of Q2 fell 96 per cent to just $56m.
The miner sold $551m of uncut gems at its February Sight, the last before the pandemic took hold globally and decimated demand.
De Beers, which sells a quarter of the world's diamonds by value, does not disclose sales data, but sources have told the Bloomberg financial news website that August sight in Botswana last week raised $300m.
Stephen Lussier, head of consumer and brands at De Beers, told the newswire: "The industry is in a healthier place than it has been for some time."
Bloomberg also indicated that another $200m of diamonds were sold last month, many by Alrosa though it did not specify a figure.
Last week both De Beers and Alrosa reportedly relented after months of negligible sales and reduced the prices of their larger stones. Smaller rivals had already been offering discounts of up to 25 per cent.
Pic shows diamond sorting ahead of a Sight in Botswana. Courtesy De Beers