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SourcingFeb 08, 2021
De Beers Notes ‘Good’ Demand at First Sales of the Year
The midstream needs to restock after a strong holiday season in the U.S. and ahead of Valentine’s Day and Chinese New Year.
De Beers Group’s rough diamond sales totaled $650 million in the first round of sales in 2021, up from $551 million in the same period last year.
Gaborone, Botswana—Rough diamond sales for De Beers Group totaled $650 million in the first round of sightholder and auction sales of 2021, the company reported last week.
That is up 18 percent year-over-year and 44 percent from the final sales cycle of 2021, in which rough diamond sales totaled $452 million.
Because travel is still limited due to COVID-19, De Beers continues to extend its sight beyond the normal week-long duration.
The rough diamond sales figure for the first cycle of 2021 is for Jan. 18 to Feb. 2, and it remains subject to revision based on final completed sales.
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CEO Bruce Cleaver described rough diamond demand as “good” to start the year, with the midstream needing to restock and fill orders from retailers following a strong holiday season in the United States.
Manufacturers are also restocking in anticipation of expected demand for both Valentine’s Day and the Chinese New Year, which falls on Feb. 12 this year.
“While risks to recovery as a result of ongoing restrictions on the movement of both people and goods persist, we have been encouraged by demand conditions,” Cleaver said.
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