De Beers’ sales robust
Mbongeni Mguni | Sunday September 12, 2021 08:00
The earnings represent a slight uptick from $514 million in the six auctions and a more than 54% jump from the outcome of the corresponding auction last year.
De Beers conducts at least 10 auctions or 'sights' in Gaborone each year, bringing production from its mines across the world and offering the rough stones to an exclusive group of contracted buyers known as 'sightholders'.
De Beers, which equally co-owns Debswana with the Government of Botswana, recorded $2.6 billion (P28.5 billion) in rough diamond sales for the first six months of the year, more than one and a half times the level in 2020.
However, the global producer said it viewed the second half of the year with cautious optimism as COVID-19 variants threatened key consumer markets such as the United States, China and India.
In a commentary accompanying the latest auction results, De Beers’ CEO, Bruce Cleaver said sentiment in the diamond industry’s midstream continues to be positive and uptake of rough diamonds was underpinned by demand in the US and China. He said the midstream, which comprises firms that cut, polish and design diamonds and jewellery, was optimistic about the remainder of the year.