De Beers: Diamond Businesses Taking a ‘More Cautious’ Approach
Strength in rough diamond sales continues, but the war in Ukraine and COVID lockdowns in China have companies on alert.

The diamond miner and marketer reported last week that rough diamond sales for its third sales cycle of the year, March 28 through April 12, totaled $565 million.
That is up 26 percent from $450 million in the third sales cycle 2021, but down 13 percent from $652 million in the prior sales cycle.
(De Beers is still extending sights beyond its normal week-long period, a change it implemented in the early days of the COVID pandemic.)
CEO Bruce Cleaver said rough diamond sales remained strong in light of the “robust” demand for rough diamonds in 2021, as well as jewelry sales in the first quarter of 2022.
However, recent events have companies striking a less optimistic tone.
“As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as COVID-19 lockdowns in China,” Cleaver said.
The war in Ukraine has resulted in sanctions against the world’s largest diamond producer in volume terms, Alrosa, which is 33 percent owned by the Russia government.
The U.S. levied sanctions on Alrosa immediately following Russia’s Feb. 24 invasion of Ukraine, and recently ratcheted up its limitations on the Russian diamond miner, placing it on the Specially Designated Nationals list.
After the government announced these sanctions April 8, the Jewelers Vigilance Committee urged U.S. businesses that hadn’t already cut ties with Alrosa to do so now.
JVC also advised U.S. businesses to consult an attorney if they have an ownership interest in or relationships with foreign companies in, for example, India or Antwerp that are still doing business with Alrosa.
In China, meanwhile, the number of COVID-19 cases began rising in early March with lockdowns ensuing in a number of cities including Shanghai, a global financial hub with a population of more than 25 million.
The lockdowns have prompted public outcry, as well as questions about China’s zero-COVID strategy and fears the country could slip into a recession.
The Latest

Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.

With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.

Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.

Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.

Johnson joined the retailer in 1987, establishing its first human resources department.


Supplier Spotlight Presented by IGI

The industry gathered to celebrate those who elevate the jewelry and watch industries.

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

At JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.

It highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.

Jewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.

Here’s what the nine chosen organizations plan to do with the funds.

The designer is nominated for a Gem Award for Jewelry Design.

The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.

In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.

See 15 fabulous pieces from the 2023 Gem Award for Jewelry Design nominees: Anita Ko, Kirsty Stone, and Ron Anderson and David Rees.

The new Cal. E365 movement doubles the running time of the current Eco-Drive models.

The mood is bullish as more companies get into the business despite the dramatic drop in lab-grown diamond prices.

Hari Krishna Exports and the Dholakia Foundation’s “Mission 100 Sarovar” aims to create 100 lakes to help revive an area of Gujarat.

The educational resource will highlight the positive impact diamonds can make on their journey from mine to market.

Australian mining company Burgundy Diamond Mines announced plans to buy the mine in a deal valued at $136 million.

A 17th-century gold seal ring and an 18th-century memento mori ring met or exceeded estimates at a recent Noonans auction.

They will be recognized at the organization’s annual luncheon this weekend in New York City.

Sherry Smith breaks down the results so far this year, including which categories are the sales standouts and which are struggling.

The 1,000-year-old find is now on display in the Dutch National Museum of Antiquities.

More than 200 exhibitors are scheduled for the May 11-14 event.

Gove, who has more than a decade of experience in the diamond industry, is Opsydia’s new sales and marketing director.