‘Quieter’ sales for De Beers

De Beers, 50%-shareholder of Namdeb, sold rough diamonds to the tune of US$500 million in its 8th cycle of this year. Sales were nearly 22% down from the previous cycle, but some 1.6% higher than the same cycle in 2021. Bruce Cleaver, CEO the De Beers Group, said: “Demand for our rough diamonds during sales cycle 8 was in line with expectations at what is a traditionally quieter time of year for the diamond industry as polishing factories in India prepare for closures ahead of the Diwali holidays. The steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key holiday sales season in the US.”