SourcingMar 31, 2022
Production at Mine Famous for Its Yellow Diamonds Slated To Restart SourcingApr 18, 2022
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.
Rough diamond sales totaled $565 million for De Beers Group in the third sales cycle of the year, up 26 percent year-over-year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—Robust rough diamond sales continued in late March/early April, but both the ongoing war in Ukraine and another wave of COVID-19 lockdowns in China are impacting the outlook, De Beers Group said.
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.)
Related stories will be right here …
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.
More on Sourcing
The Latest
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
Brought to you by
Are Earrings an Overlooked Category? What Retailers Need to Know NowAs the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby MineThey were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.
SourcingOct 20, 2025
Pristine Gems Names New Director of European SalesGemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
