GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
SourcingMar 05, 2020
De Beers’ Sales Take a Dive Due to Coronavirus
The company is letting sightholders defer as suppliers grapple with the drop in demand in China.
In the second sales cycle, De Beers’ rough diamond sales fell 28 percent year-over-year and 36 percent compared with the first sales cycle. The company pointed to a drop in demand in the Chinese market due to coronavirus.
Gaborone, Botswana—After a promising start to the year, De Beers Group’s rough diamond sales faltered in February as business ground to a halt in China with the spread of coronavirus.
The company reported Wednesday that in the second sales cycle of the year, it sold $355 million in rough diamonds to sightholders and via its auction platform compared with $496 million in the same period last year, a 28 percent drop.
Sales are down 36 percent from the first sales cycle of the year, when a relatively strong holiday season had suppliers restocking and the COVID-19 coronavirus wasn’t on the verge of becoming a global pandemic.
According to the World Health Organization, as of Tuesday, there were confirmed cases of COVID-19 in 73 countries including China, where the disease originated in December, with 90,870 people infected worldwide and 3,112 deaths.
De Beers CEO Bruce Cleaver said the company let sightholders push purchases of certain goods to later in the year due to the impact of the virus.
Cleaver said: “Following an improvement in demand for rough diamonds during the first sales cycle of 2020, we recognized the impact of COVID-19 coronavirus on customers focused on supplying the Chinese market and put in place additional targeted flexibility to enable customers to defer allocations of the relevant rough diamonds.”
Here’s a look at De Beers’ rough diamond sales so far this year.
2019 2020 First sales cycle $500 million $551 million Second $496 million $355 million* Third $581 million Fourth $416 million Fifth $391 million Sixth $250 million Seventh $287 million Eighth $297 million Ninth $400 million Tenth $426 million*Provisional figure
More on Sourcing
The Latest
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
Weekly QuizJun 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
