Daily Management Review

De Beers nearly doubles its diamond sales


International diamond corporation De Beers almost doubled its diamond sales in the first business cycle this year (from January 17 to February 1) from the previous cycle to $660 million, according to preliminary company figures.

The previous, tenth business cycle of 2021 lasted from December 6 to 22. Sales for that period amounted to $336 million.

In annual terms, De Beers' diamond sales in the first business cycle declined by only 0.5%.

"As expected, there was a strong increase in consumer demand for diamond jewellery during the year-end festive season. As a result, we saw continued strong demand for rough diamonds in the first selling cycle of the year as buyers focused on replenishing depleted stocks," Bruce Cleaver, the company's chief executive officer, said in a statement.

De Beers International Corporation mines, processes and sells natural diamonds, and also produces synthetic diamonds for industrial use. The company was founded in 1888 in South Africa.

source: bloomberg.com