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De Beers rough diamond sales hit by Coronavirus

by BcPRFQy1mj
Diamond Mining

Citing coronavirus fears, De Beers announced Wednesday that rough diamond sales were $355 million, down 40% from the same period a year ago.

Bruce Cleaver, CEO of De Beers Group, said the Chinese market is depressed.

“Following an improvement in demand for rough diamonds during the first sales cycle of 2020, we recognized the impact of COVID-19 coronavirus on customers focused on supplying the Chinese market and put in place additional targeted flexibility to enable customers to defer allocations of the relevant rough diamonds.”

De Beers, which sells diamonds to a handpicked group of about 80 buyers 10 times a year at events called sights, has reported sales of $906 million so far this year, the slowest start since it first released data on its sales in early 2016.

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