SourcingMay 11, 2021
Lucara Secures $220M in Financing to Take Mine Underground SourcingMay 20, 2021
De Beers, Alrosa CEOs Say Diamond Jewelry Demand Remains ‘Robust’
But De Beers saw rough diamond sales stall as the COVID-19 crisis in India impacted manufacturing capacity.
An assortment of rough diamonds mined at De Beers’ Gahcho Kue mine in Canada. The company’s rough diamond sales declined in May when compared to April and May 2019. (Photo © De Beers Group, Credit: Ben Perry at Armoury Films)
New York—The heads of the world’s largest diamond mining companies said demand for diamond jewelry remains strong, though De Beers Group noted a decline in rough sales due to the COVID-19 crisis in India.
Preliminary results released by De Beers this week show rough diamond sales totaled $380 million during its fourth sales cycle of the year, May 3-18.
That is down from the third sales cycle of 2021 (revised total of $450 million) and the fourth sales cycle of 2019, when rough diamond sales totaled $415 million.
(The same period in 2020 is not an apt comparison because of COVID-19. With the entire world in lockdown, De Beers combined sales cycles four and five last year and sold only $56 million in rough.)
CEO Bruce Cleaver said demand for diamond jewelry remains “robust” in the United States and China.
However, the brutal second wave of COVID-19 raging in India—the world’s largest diamond manufacturing hub—has impacted manufacturing capacity and, in turn, rough diamond demand during what is typically a slower season anyway, he said.
“Our thoughts are with all those in India as the country navigates the current challenges presented by the pandemic, reminding us that the road ahead remains uncertain and that we must continue to adopt a watchful approach,” he said.
Related stories will be right here …
Preliminary results released by De Beers this week show rough diamond sales totaled $380 million during its fourth sales cycle of the year, May 3-18.
That is down from the third sales cycle of 2021 (revised total of $450 million) and the fourth sales cycle of 2019, when rough diamond sales totaled $415 million.
(The same period in 2020 is not an apt comparison because of COVID-19. With the entire world in lockdown, De Beers combined sales cycles four and five last year and sold only $56 million in rough.)
CEO Bruce Cleaver said demand for diamond jewelry remains “robust” in the United States and China.
However, the brutal second wave of COVID-19 raging in India—the world’s largest diamond manufacturing hub—has impacted manufacturing capacity and, in turn, rough diamond demand during what is typically a slower season anyway, he said.
“Our thoughts are with all those in India as the country navigates the current challenges presented by the pandemic, reminding us that the road ahead remains uncertain and that we must continue to adopt a watchful approach,” he said.
In the month of April, Alrosa’s diamond sales totaled $401 million, including rough sales of $383 million and polished sales of $18 million.
That is up from $357 million in March, including $345 million in rough and $12 million in polished.
And it is a 26 percent increase compared to diamond sales of $318.7 million in April 2019.
(April 2020 diamond sales, rough and polished, totaled only $15.6 million. Alrosa said then that it “virtually stopped selling rough and polished diamonds” due to COVID-19 lockdowns.)
Deputy CEO Evgeny Agureev also described diamond jewelry demand in key markets as “robust” and said stocks in the midstream remain “modest” while rough diamond supplies are low.
Commenting on Alrosa’s performance, he said, “Our April sales were well-supported by the successful results delivered by auctions of high-quality large rough, as well as by strong sales of polished diamonds.”
That is up from $357 million in March, including $345 million in rough and $12 million in polished.
And it is a 26 percent increase compared to diamond sales of $318.7 million in April 2019.
(April 2020 diamond sales, rough and polished, totaled only $15.6 million. Alrosa said then that it “virtually stopped selling rough and polished diamonds” due to COVID-19 lockdowns.)
Deputy CEO Evgeny Agureev also described diamond jewelry demand in key markets as “robust” and said stocks in the midstream remain “modest” while rough diamond supplies are low.
Commenting on Alrosa’s performance, he said, “Our April sales were well-supported by the successful results delivered by auctions of high-quality large rough, as well as by strong sales of polished diamonds.”
More on Sourcing
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand AmbassadorThe celebrity will star in Swarovski’s holiday campaign.
