DeBeers, the world’s largest diamond producer, announced a recent boom in sales of gems. This is as retailers stockpile before the holiday season.
According to Bloomberg News, They sold an impressing $630 million of rough diamonds in its seventh offering this year, up from $528 million in the previous sale, the company said in a statement this week.
“We saw healthy demand for our rough diamonds,” De Beers chief executive officer Bruce Cleaver said in the statement to Mineweb.com. “Manufacturers brought forward some of their demand in order to cut and polish rough diamonds in time for the important retail selling season.”
The holiday period for the diamond industry is from Thanksgiving in November. It also continues through the Lunar New Year in Asia in January or early February, right before Valentine’s Day. Bloomberg News states, Rough-diamond prices have rebounded 4.7% this year and it seems like De Beers and rival Alrosa PJSC will cut off supply to try to support the market.
So this marks good news for the upcoming holiday season.
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