Gaborone: De Beers has reported another decline in sales revenue for the ninth sales cycle this year, as cutting factory closures in India weighed on demand.

For November 8 through 23, rough diamond sales totalled $430 million, which was lower than the $492 million in sales it reported for the previous cycle.

Revenues were also lower year-on-year, with ninth cycle sales in 2020 totalling $462 million. In the year-to-date, sales totalled $4.5 billion, with one sales cycle remaining.

De Beers generates revenue by showcasing stones during so-called ‘Sight’ events to select global buyers.

De Beers CEO Bruce Cleaver said in a statement demand leading up to the ninth cycle was “in line with expectations”, given the usual pattern of cutting factory closures in India during the November 4 Diwali festival.

“Sentiment continues to be positive on the back of strong demand for diamond jewellery from US consumers, and this was reflected in the demand we saw for rough diamonds during Cycle 9,” said Cleaver.

“As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in southern Africa, but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season.”