De Beers Poised for Three-Year High at January Sight
January 25, 21
(IDEX Online) - De Beers is poised to report the highest sales from a sight in three years, as the diamond industry enjoys a global boom.
It could net as much as $600m, well-placed sources have told the Bloomberg news website, despite reportedly increasing prices of larger (+1-ct) stones by five per cent at the first Sight of 2020, which ended last week.
For context, the UK-based miner sold rough worth $467m, $462m and $440m (provisional) at the last three sights of 2020 (September, November and December respectively).
Earlier this month De Beers announced a major shake-up of contracts for its sight holders.
Meanwhile in Surat, the Indian cutting and polishing capital, skilled artisans are reportedly being lured with 50 per cent pay hikes and perks by factories desperate to increase their output.
Demand is being driven by stay-at-home consumers who are no longer able to spend their disposable income on flights and hotels.
Pic shows De Beers' rough diamonds