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De Beers cautious despite April sales surge

De Beers reported strong sales at its April sight but warned of a slowdown due to the war in Ukraine and coronavirus lockdowns in China.

“As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China,” said De Beers CEO Bruce Cleaver.

Proceeds jumped 26% year on year to $565 million at its third sales cycle of 2022, which ran from March 28 to April 12, the mining company reported Wednesday. Sales grew 13% to $1.88 billion in the first three sights of the year, according to Rapaport calculations.

The positive momentum reflected a continuation of robust demand experienced in 2021 as well as steady jewelry sales and consumer spending in the first quarter of this year, Cleaver noted.

De Beers has been holding viewings of goods in global locations including Antwerp and Dubai since the start of the pandemic, as many sightholders have been unable to travel to Gaborone, Botswana. Management is now encouraging clients to return to physical sights in Botswana. De Beers will hold its annual networking event for sightholders in the southern African country in May. – (diamonds.net)

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