De Beers Group reported solid demand at its latest rough diamond sales but warned that the industry will continue to face challenges arising from the Covid-19 pandemic.
Rough diamond sales, which include global Sightholder sales and auctions, for the third cycle of 2021 reached US$440 million, lower than US$550 million in cycle 2.
Bruce Cleaver, CEO of De Beers Group, said sales were in line with expectations, adding that market sentiment and overall industry conditions remain positive.
“Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry,” he noted. “However, with pandemic developments in Europe and Mumbai’s recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to Covid-19.”
De Beers continued to implement a more flexible policy during the third sales cycle of 2021, with the Sight event extended beyond its normal week-long duration.