Cycle 8 maintains tumbling trend!

 

 

De Beers continued to implement a more flexible approach

De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the eighth sales cycle of 2020. 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 eighth sales cycle of 2020, with the Sight event extended beyond its normal week-long duration.

As a result, the provisional rough diamond sales figure quoted for Cycle 8 represents the expected sales value for the period 21 September to 9 October and remains subject to adjustment based on final completed sales. 

Bruce Cleaver, CEO, De Beers Group, said: “We continue to see a steady improvement in demand for rough diamonds in the eighth sales cycle of the year, with cutters and polishers increasing their purchases as retail orders come through ahead of the key holiday season. 

It’s encouraging to see these demand trends, but these are still early days and there is a long way to go before we can be sure of a sustained recovery in trading conditions.” 

De Beers	Cycle 8 2020 (provisional)[1]	Cycle 7 2020  (actual)[2]	Cycle 8 2019 (actual)
Sales value[3]($m)	467	334	297

[1] Cycle 8 2020 provisional sales value represents sales as at 9 October 2020.

[2] Cycle 7 2020 actual sales value represents sales between the dates of 19 August and 10 September.

[3] Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales     between the end of the preceding cycle and the end of the noted cycle.