De Beers, Alrosa Post Strong Rough Sales

SourcingMar 12, 2021

De Beers, Alrosa Post Strong Rough Sales

Both diamond miners noted recovering demand for rough diamonds in their recent financial results.

The latest rough diamond sales figures from De Beers Group and Alrosa highlight increased consumer demand for diamond jewelry. (Photo De Beers Group)
New York—Diamond sales were strong at the start of the year for both De Beers Group and Alrosa as demand for diamond jewelry recovered, bolstering the rough market.

During the second sales cycle of the year, which ran from Feb. 22 to March 8, De Beers’ rough diamond sales totaled $550 million compared with $362 million sold in the same period last year.

Though the figure is provisional, it marks a 52 percent increase over last year.

“We saw the continuation of good rough diamond demand during our second sales cycle of 2021 on the back of positive consumer demand for diamond jewelry,” said De Beers CEO Bruce Cleaver in a press release about the results.

The company noted “healthy demand” from midstream buyers, highlighting better-than-expected sales over Christmas, Chinese New Year and Valentine’s Day as the industry heads into what is traditionally a period of lower seasonal demand.

“While the year has started positively, we recognize ongoing near-term uncertainty in the pace and shape of the recovery,” said Cleaver.
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Alrosa also reported recovering demand in the diamond jewelry market, which provides “good support” for rough diamond sales.

Sales of rough and polished diamonds totaled $372 million ($361 million in rough and $12 million in polished) for the miner in February, up 7 percent from $346.4 million in February 2020.

For the first two months of the new year, total rough and polished diamond sales have totaled $802 million, including $782 million of rough diamond sales and $21 million of polished.

“Midstream companies seek to replenish their stocks of rough, once they see an opportunity for that. We believe the current supply and demand balance is comfortable for both miners and buyers of rough diamonds,” said Alrosa Deputy CEO Evgeny Agureev.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

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