Anglo American Chief Executive Officer (CEO), Bruce Cleaver, says because the diamond trade heads into the slower second quarter of the yr, the diamond companies are adopting a extra cautious method.
Commenting on De Beers’ tough diamond gross sales for the for the third cycle of 2022, Cleaver stated the cautious method is being taken in gentle of the struggle in Ukraine and related sanctions, in addition to COVID-19 lockdowns in China.
During the third cycle, De Beers’ US$563 million, a drop from US$652 million registered within the second cycle of the yr.
Owing to the restrictions on the motion of individuals and merchandise in numerous jurisdictions across the globe, De Beers Group has continued to implement a extra versatile method to tough diamond gross sales throughout the third gross sales cycle of 2022, with the Sight occasion prolonged past its regular week-long period.
As a outcome, the diamond group says the provisional tough diamond gross sales determine quoted for cycle three represents the anticipated gross sales worth for the interval 28 March to 12 April and stays topic to adjustment primarily based on remaining accomplished gross sales.
“On the back of robust demand for rough diamonds in 2021 and jewellery sales in the first quarter of 2022, and reflecting continued year-on-year growth in consumer demand for diamond jewellery, demand for De Beers Group rough diamonds remained strong in the third sales cycle of 2022,” stated Cleaver.
Compared with the identical cycle final yr, there was enchancment this time round because the group had registered US$450 million then.