De Beers Reports $565m Sales, Amid Increasing Caution

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De Beers Reports $565m Sales, Amid Increasing Caution

April 14, 22 by John Jeffay

(IDEX Online) – De Beers reported rough sales of $565m from its third sight of 2022 – up 26 per cent year-on-year.
It was the first full sales cycle since Russia invaded Ukraine, prompting the US and EU to impose sanctions on the miner Alrosa, part-owned by the Russian government and De Beers’ biggest rival.
Sales at De Beers’ second sight, which concluded at the end of February, were $652m. The first sight of 2021 brought in $450m.
CEO Bruce Cleaver (pictured) said demand remained strong, but acknowledged the industry was cautious.
He said: “As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China.”