Seventh Cycle of De Beers Fetches $638 mln.

Gaborone: De Beers raked in $630 million from the seventh rough diamond sales cycle of 2022 compared to $522 million, a year earlier or $638 million during the sixth sales cycle of the year.

Group chief executive Bruce Cleaver said rough diamond sales continued at a steady level in the seventh sales cycle of 2022.

“In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays,” he said.

De Beers continued to implement a more flexible approach to rough diamond sales during the seventh sales cycle with the Sight event extended beyond its normal week-long duration.

This was due to the ongoing restrictions on the movement of people and products in various jurisdictions around the globe.

Diamond prices remained stable despite the conflict between Russia and Ukraine that began last in February.