Daily Management Review

De Beers shows 18% sales growth in January


The world's largest diamond producer, De Beers sold $650 million worth of rough diamonds in January, up 18 percent from January 2020 and 44 percent more than in the last December trading cycle last year.

De Beers conducts ten diamond sales in a year, known as trading cycles, each usually lasting five to seven days. The last trading cycle lasted from January 18 to 22, and it was its preliminary results that De Beers released on Wednesday.

Last year, the company's diamond sales fell by a third compared to 2019 and to a ten-year low of $2.7 billion overall. However, by the end of last year, diamond sales, which were particularly strong during the first wave of the pandemic in the spring of 2020, had already started to pick up.

As Bloomberg previously reported, De Beers raised prices for diamonds larger than one carat by 5 percent during the January trading cycle, which was the biggest price increase in years. 

De Beers' CEO said that sales should also be helped by the upcoming Chinese Lunar New Year and Valentine's Day, although risks associated with lockdowns and other restrictions remain.

source: reuters.com