De Beers Reports Biggest Gem Sale Since February, Diamond Rebound Rolls On

De Beers stories its greatest gem sale since February as customers continued to purchase jewelry. Shutterstock.

The diamond trade’s resurgence confirmed no signal of slowing down with De Beers reporting its greatest gem sale since February as customers continued to purchase jewelry.

Anglo American Plc’s De Beers mentioned it offered $515 million of tough diamond at its seventh sale of 2021, the largest complete for this time of yr since 2016. The corporate is at the moment on monitor for its finest yr since 2018.

Whereas initially being hit exhausting by the pandemic, diamonds have since proved one of many extra resilient industries. Caught-at-home customers have stored shopping for stones with competing luxuries similar to journey not an choice as a result of coronavirus restrictions. That demand has continued as the worldwide financial system began opening up, with robust gross sales in the important thing markets of the US and China.

Signet Jewelers Ltd. final week raised it’s full-year income goal after a surge in gross sales, although it did warning that it expects a shift away from jewelry spending because the financial restoration continues.

De Beers, which has been aggressively elevating the worth of tough diamonds all through a lot of the yr, largely held costs regular on the final sale. Some patrons have began to lift considerations that the worth will increase from De Beers and rival Alrosa PJSC have gone to far, particularly as polished costs must climb greater to justify the charges that tough stones are fetching.

By Thomas Biesheuvel

Study extra:

De Beers Raise Rough Diamond Prices

De Beers raised costs for its tough diamonds but once more because the trade’s dramatic restoration this yr reveals little signal of slowing. | De Beers Reviews Greatest Gem Sale Since February, Diamond Rebound Rolls On


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