De Beers March Sales Slow to $440m
April 07, 21
(IDEX Online) - De Beers sales slowed at its March sight, down to $440m as pent-up demand appeared to flag.
In January the UK-based miner sold $650m of rough - a three-year high - followed by $550m in February.
It has reportedly been increasing prices at recent sights at the midstream restocks, while maintaining flexibilities introduced to help holders earlier in the pandemic.
New supply contracts dividing sightholders into manufacturers, dealers and retailers will take effect at the next sight, in early May.
Bruce Cleaver, CEO, De Beers Group, said sales were in line with expectations during a traditionally quiet time of the year, but cautioned that the Covid specter still lingered.
"With pandemic developments in Europe and Mumbai's recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to Covid-19," he said.
Pic courtesy De Beers