De Beers’ sales dip

Diamond giant, De Beers, sold a provisional $450 million (about P5.8 billion) in rough diamonds in its ninth auction of the year recently, just under three percent higher than the sales seen at the corresponding auction last year. The values at the ninth auction were lower than the $508 million from the eighth auction, according to data released by the diamond giant on Wednesday. De Beers’ CEO, Bruce Cleaver said demand for rough diamonds during the ninth auction was in line with the group’s expectations for what is traditionally a quieter time for diamond midstream ahead of polishing factories reopening in India following the Diwali holidays. De Beers has said that demand for the group’s rough diamonds remains positive, as reflected in the ongoing consumer appetite for diamond jewellery in 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.