For De Beers and Alrosa, Rough Demand Is Exceeding Pre-Pandemic Levels
Consumer desire for diamond jewelry remains strong while midstream demand in India is returning, the companies said.
De Beers Group reported Thursday that it sold $470 million in rough diamonds to sightholders and via its auction platform between June 7 and 22, its fifth sales cycle of the year. (The company continues to extend its sights beyond their normal week-long duration because of ongoing travel restrictions.)
Rough sales totaled only $56 million around the same period last year. De Beers combined sales cycles four and five as the pandemic brought trading and demand to a near standstill.
Compared to the same period in 2019 ($391 million), rough sales are up 20 percent this year.
CEO Bruce Cleaver said as the diamond industry moves into the second half of the year, demand for diamond jewelry in the two key markets, the United States and China, remains strong.
In India, which was devastated by a deadly second wave of COVID-19 that started in March, midstream capacity is returning, fueling strong demand for rough.
“Overall sentiment is increasingly optimistic as we move towards the second half of the year and, while risks as a result of the global pandemic persist, we have been encouraged by the condition of the market,” Cleaver said.
The remarks of Alrosa Deputy CEO Evgeny Agureev mirror those of De Beers’ top executive.
The situation in India has improved since April/early May, with cutters and polishers again in need of rough diamonds, he said.
On the consumer side, demand for diamond jewelry remains “robust” in all key regions. Agureev said in the first four months of the year, U.S. diamond jewelry sales were 30 percent above pre-pandemic levels. In China, they were up by 10 percent.
In the month of May, Alrosa’s sales totaled $365 million, $346 million rough and $19 million in polished.
That a considerable improvement of course from May 2020, when Alrosa’s sales totaled only $40.1 million.
Compared to May 2019 (rough and polished sales of $266 million), this year’s results are up 37 percent.
Year-to-date, Alrosa’s rough and polished diamond sales total stands at $1.93 billion, 101 percent and 21 percent ahead of 2020 and 2019, respectively.
A government official said search crews “found the needle in the haystack” when they located the capsule belonging to Rio Tinto along an 870-mile stretch of road.
De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.
The IJO also welcomed one new vendor member to its 13-member board, Brecken Farnsworth of Parlé Jewelry Designs.
It begins with a “t” and ends with a “c” and is imbued with warmth and positivity, Peter Smith writes.
The tiny capsule, which is believed to have fallen out of a truck, was lost somewhere along an 870-mile stretch of desert road.
The jeweler’s expansion plans include 20 to 30 more stores in North America and the Middle East over the next two to three years.
The NRF’s annual survey shows that consumer attitudes about how, or even whether, to celebrate Feb. 14 continue to evolve.
Executives from Fred Meyer Jewelers and Riddles Jewelers have filled the roles.
The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.
The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.