De Beers famous the provisional determine represents the anticipated gross sales worth for the August 23 to September 7 interval and stays topic to adjustment primarily based on remaining accomplished gross sales.
Chief govt Bruce Cleaver attributed the constructive outcomes to a sustained improve in demand for polished diamonds in the corporate’s key markets — the US and China.
“The midstream’s optimism for the rest of the 12 months was additionally evident on the latest JCK Las Vegas commerce present, which was a hit, regardless of being held beneath difficult circumstances,” he famous in a press launch.
Diamonds have wound up a giant winner from lockdowns across the globe as entry to rival luxurious choices was restricted. That first confirmed with stronger-than-expected vacation gross sales, from Thanksgiving by way of to Chinese language New 12 months, and has since continued.
“The tough market is sizzling. There’s enthusiastic shopping for throughout all tough classes,” Anish Aggarwal, a companion at specialist diamond advisory agency Gemdax told Bloomberg in June. “There are provide shortages in the intervening time. That’s creating a way of shortage at each stage of the pipeline.”
De Beers, which principally held costs regular final 12 months, has increased them in recent months. Russia’s Alrosa, the world’s prime diamond producer by output, has adopted swimsuit, triggering complaints from some business actors. They declare the value hike has gone too far, particularly as polished costs have to climb increased to justify the charges that tough stones are fetching.