De Beers has reported provisional rough sales of $430 million at its 9th Sight (sales cycle) of the year – down almost 13% compared to Sight 8, “largely because of the extended Diwali closures of factories in India,” according to IDEX Online. De beers sold $522 million in Sight 7 and $492 million in Sight 8.
The miner added that closures during Christmas in Southern Africa are expected to hurt sales as well during its final Sight of 2021 (December 6-10).
Bruce Cleaver, De Beers CEO, said: “Demand was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival. 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.”
