De Beers Reports 8% Increase In Diamond Sales To $450Mln Over Past 2 Weeks

MOSCOW (Pakistan Point News / Sputnik - 01st February, 2023) Diamond giant De Beers said on Wednesday that the sales of diamonds in its first sales cycle of 2023, from January 16-31, increased by 8% to $450 million.

The previous cycle lasted from December 5-20, with the sales for that period totaling $417 million.

At the same time, the sales of De Beers diamonds in the first cycle of 2023 dropped by 32% in annual terms compared to the same period last year.

"Consumer demand for diamond jewellery over the 2022 end-of-year holiday season performed well. As expected, given the macroeconomic outlook at the time, Sightholders took a cautious approach in late 2022 in planning their 2023 allocation schedule," CEO of De Beers Group Bruce Cleaver said in a statement.

Cleaver added that there was still some uncertainty regarding the macroeconomic environment, though "cautious optimism" for an increase in demand could be seen amid positive trends in many major economies across the globe, including China.

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