Rough diamond sales for De Beers’ 9th cycle
Anglo American expects rough diamond sales value for De Beers’ ninth cycle of 2021 to amount to Four hundred and thirty million United States Dollars ($430 million)- Approximately Four point three billion Pula (P4.3 billion).
Cycle nine (9) represents a period between eighth and twenty-third November 2021 (8-23 November 2021).
While the amount is an estimated figure, it is less than that of the preceding cycle with sixty-two million United States Dollars (US$62 million). The mine had registered Four hundred and ninety-two million United States Dollars (US$493 million)- roughly Four point nine billion Pula (P4.9 billion) in circle eight (8) of 2021. Circle 8 represents a period between the fourth and the nineteenth of October 2021 (4-19 October 2021).
The mining company reports that owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the ninth sales cycle of 2021, with the Sight event extended beyond its normal week-long duration. As a result, Anglo American reports, the provisional rough diamond sales figure quoted for Cycle 9 represents the expected sales value for the period 8 November to 23 November and remains subject to adjustment based on final completed sales.
“Sentiment continues to be positive on the back of strong demand for diamond jewellery from US consumers and this was reflected in the demand we saw for rough diamonds during Cycle 9. Such demand was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival. As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in southern Africa, but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season.” Bruce Cleaver, CEO, De Beers Group, said.
De Beers Group is an international corporation that specializes in diamond mining, diamond exploitation, diamond retail, diamond trading and industrial diamond manufacturing sectors. The company is active in open-pit, large-scale alluvial and coastal. It operates in thirty-five (35) countries and mining takes place in Botswana, Namibia, South Africa, Canada and Australia.