De Beers’ sales firm

Diamond giant, De Beers, sold a provisional $500 million (about P6.5 billion) in rough diamonds in its eighth auction of the year, just under two percent higher than the sales seen at the corresponding auction last year. The values at the eighth auction were marginally lower than the $638 million from the seventh auction, according to data released by the diamond giant on Wednesday. De Beers’ CEO, Bruce Cleaver said demand for rough diamonds during the eighth auction was in line with the group’s expectations on what is traditionally a quieter time for the industry as polishing factories in India prepare for closures ahead of the Diwali holidays. He added that the steady overall demand for the group’s rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key sales season in the United States. While sales and prices of the precious stones have been ticking up this year, De Beers continues to keep an eye on COVID-19 lockdowns in China and the possibility of a slowdown in the US economy, as some of the major threats to its performance.