DE BEERS said its rough diamond sales totalled an estimated $650m for the second cycle (sight) which compares to $550m in sales for the corresponding period last year.
First cycle sales were $660m, said De Beers. The diamond company is 85% owned by Anglo American with the balance owned by the Botswana government.
“The second sales cycle of the year saw the continuation of robust rough diamond demand underpinned by sustained positive consumer sentiment,” said Bruce Cleaver, CEO of De Beers in a statement.
Cleaver also commented on the war in Ukraine saying the company was “shocked and saddened” by events. “Our hearts go out to the Ukrainian people.”
De Beers announced it would donate $1m to aid organisations operating in the region in order to support those affected by Russia’s unprovoked attack on the country.
Events in Ukraine are yet to have a significant bearing on the world’s diamond sector. About 30% of the total volume of diamonds produced worldwide come from Russian mines, 90% of which are owned by the state-backed diamond mining giant Alrosa.
Prior to the outbreak of the war, Eira Thomas, CEO of Lucara Diamond said the outlook was for “one of the strongest diamond markets we have seen in the better part of a decade”.
This echoes a statement from Petra Diamond which said last week there had been a critical structural positive change in the diamond market owing to diminishing new reserves and depletion of stocks in the mid-stream.