De Beers Reports 22% Drop In Diamond Sales To $500Mln Over Past 2 Weeks

MOSCOW (Pakistan Point News / Sputnik - 05th October, 2022) Diamond giant De Beers said on Wednesday that the sales of diamonds in its eighth sales cycle, from September 19 to October 4, declined by 21.6% to $500 million.

The seventh sales cycle lasted from August 15-30, with the sales for that period being revised up to $638 million from $630 million.

In annual terms, sales of De Beers diamonds increased by 1.6% in the eighth sales cycle.

"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 head of De Beers Group, Bruce Cleaver, said.

Cleaver added that solid demand for De Beers rough diamonds is reflected in continued consumer demand for diamond jewelry ahead of the key US holiday sales season.

De Beers is engaged in the extraction and sale of natural diamonds, as well as the production of synthetic diamonds for industrial purposes. It was founded in 1888 in South Africa.