Home Business De Beers nets R7.8bn from latest auction

De Beers nets R7.8bn from latest auction

De Beers nets R7.8bn from latest auction

De Beers, the world’s biggest diamond producer by volume, recorded that the value of its rough diamond sales for its ninth sales cycle of this year totalled $450 million (R7.8 billion).

De Beers, a subsidiary of Anglo American, said owing to the restrictions on the movement of people and products in various jurisdictions around the globe, the De Beers group continued to implement a more flexible approach to rough diamond sales during the ninth sales cycle of 2022, with the sight event extended beyond its normal week-long duration.

“As a result, the provisional rough diamond sales figure quoted for Cycle 9 represents the expected sales value for the period October 31 to November 15, and remains subject to adjustment based on final completed sales,” it said.

De Beers CEO Bruce Cleaver said: “We saw good demand for our rough diamonds during Cycle 9, with sales reflecting what is traditionally a quieter time for the diamond midstream, ahead of polishing factories reopening in India after the Diwali holidays.”

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