De Beers Sells $650m Rough amid "Robust" Demand
March 09, 22
(IDEX Online) - De Beers today reported provisional rough sales of $650m at its second sight of the year, amid continuing "robust" demand.
It's a slight dip from $660m at Cycle 1, but a significant increase from $550m at last year's Cycle 2.
Rough remains in short supply, and banking restrictions on Russia will inevitably impact the ability of its biggest rival, Alrosa, to make sales.
De Beers said it was still implementing a more flexible approach to rough diamond sales and had extended the sight beyond its normal week-long duration.
Bruce Cleaver, CEO, De Beers Group, said: "The second sales cycle of the year saw the continuation of robust rough diamond demand underpinned by sustained positive consumer sentiment.
"We have been shocked and saddened by the war in Ukraine, and our hearts go out to the Ukrainian people."
De Beers is donating $1m to aid organisations are operating in the Ukraine region.