De Beers cut diamond sales

At the end of the 10th cycle, which lasted from December 6 to December 21, De Beers sales reduced by $106 million, or 24% compared to the past term. It amounted to $332 million. On an annualized basis, the drop in diamond sales was more significant – by 26.5%. According to the head of the company, Bruce Cleaver, the request for diamonds continues to grow. However, sales have declined. This happened in context with the termination of operations in South Africa. He also stated that the coronavirus pandemic has formed troubling this year. Despite this, annual sales moved beyond not only the 2020 figure but also the pre-pandemic 2019 sales. The level of demand for diamond products grows in the pre-holiday period. De Beers’ experts wait for perspective-trading conditions next year. The international company De Beers was established in South Africa at the end of the 19th century. It currently operates in various countries around the globe.

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Arseny Kudrin

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