Diamond miner De Beers said yesterday that the demand for its rough diamonds over the final sales cycle of 2022 was in line with expectations, as its sales amounted to $410 million (over R7 billion).
The group said in cycle 10, 2022 provisional sales value represented sales as at December 20.
In cycle 9, 2022 the group achieved $454m.
De Beers Group CEO, Bruce Cleaver, said: “Demand for our rough diamonds over the final sales cycle of 2022 was in line with expectations, ahead of the normal seasonal closure of polishing factories in Southern Africa over the Christmas period. And with Sightholders taking a prudent approach ahead of restocking after Christmas, and the expected re-opening of the China market.”
The group said owing to the restrictions on the movement of people and products in various jurisdictions around the globe, the De Beers Group had continued to implement a more flexible approach to rough diamond sales during the 10th sales cycle of 2022, with the Sight event extended beyond its normal week-long duration.
“As a result, the provisional rough diamond sales figure quoted for cycle 10 represents the expected sales value for the period December 5 to December 20 and remains subject to adjustment based on final completed sales,” De Beers said.
BUSINESS REPORT