De Beers’ Rough Sales Up 21% So Far This Year
One analyst cited rising diamond prices and the sanctions on Alrosa as contributing factors.
In its fourth sales cycle of the year (May 2-17), De Beers sold $604 million in rough to sightholders and auction customers.
That is a 57 percent increase from the fourth sales cycle of 2021 ($385 million) and is up 7 percent from $566 million in April, which is unusual as rough diamond sales typically decrease between April and May.
Year-to-date, De Beers’ rough diamond sales have totaled $2.48 billion, up 21 percent from $2.05 billion at this point last year.
In the news release on the results, De Beers CEO Bruce Cleaver attributed the early to mid-May sales increase to continued diamond jewelry demand in the United States.
De Beers declined further comment on its results but on LinkedIn, analyst Edahn Golan cited other contributing factors, including rising rough diamond prices and more companies turning to De Beers for goods due to the sanctions on Alrosa.
Looking ahead, Cleaver said traditional May holiday shutdowns in India will impact rough demand in the coming sales cycle.
He also noted diamond businesses are continuing to monitor COVID-related lockdowns in China—where retail sales fell 11 percent in April—as well as the war in Ukraine and associated sanctions.
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