The CEO of De Beers stated that raw diamond demand remained strong.
The fourth sales cycle of this year (Sight) brought in $604 million for De Beers. According to Mining Weekly, De Beers made $566 million in the 3rd Sight and $385 million in the 4th Sight of 2021.
Due to COVID-related restrictions on the movement of people and goods in various parts of the world, De Beers “continues to employ a flexible strategy to rough diamond sales,” according to the report.
“Demand for rough diamonds remained high in the fourth sales cycle,” said CEO Bruce Cleaver, “especially backed by strong consumer demand for diamond jewelry in the United States.” However, he warned that diamond demand in the next cycle would be harmed “as usual” by the shutdown of numerous diamond polishing companies in India for the country’s traditional May holidays.
The sanctions on Russian diamonds, according to Cleaver, “may push jewelers to change their designs” as they struggle to get enough melee. Alrosa produces a major share of the supply of melee and even smaller stones, according to an IDEX Online study (0.009 and 0.021 carats).