De Beers diamond sales jump after a terrible year for gems
Reuters
JOHANNESBURG – De Beers sold the most diamonds since April in a sign the industry is starting to recover from a slump in demand last year, though the market will require more evidence of a sustained rebound.
The Anglo American unit sold $545 million of diamonds in its first sale of the year, traditionally one of the strongest buying periods as the industry restocks after the crucial holiday selling period. That was the most since its third sale of 2019 in April.
There was little good news for the diamond industry last year. An oversupply of rough stones, a surfeit of polished gems and falling prices piled pressure on the companies that mine diamonds, as well as the lower-profile businesses that cut, polish and trade them. The results from the sale last week will encourage some in the industry that things are improving.
Source: iol.co.za
