Major diamond mining company sees decrease in sales by 24%

De Beers international diamond mining corporation has reduced diamond sales in the tenth business cycle of the current year (December 6-21) by 24% compared to the previous cycle - to $332 million, Report informs referring to Prime agency.

The previous business cycle was on November 8-23. The sales during that period stood at $438 million.

On an annualized basis, De Beers diamond sales in the tenth business cycle decreased by 26.5%.

Despite the pandemic-related complexities, the sales for the year were higher than in 2019 before the pandemic, and markedly higher than in 2020. Consumer demand for diamond jewelry continues to perform well during the holiday season, and the company expects favorable trading conditions in the new year, said CEO Bruce Cleaver.

De Beers is engaged in the extraction, processing and sale of natural diamonds, as well as the production of synthetic diamonds for industrial purposes. It was founded in 1888 in South Africa.