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De Beers raises diamond prices again as buyers keep coming back

Ricardo Kanono by Ricardo Kanono
June 8, 2021
in Business
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De Beers raises diamond prices again as buyers keep coming back
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by Thomas Biesheuvel


BloombergDe Beers has raised some rough-diamond prices by about 10%, as the world’s top producer cashes in on rampant demand from cutters and polishers.

The diamond industry roared back to life in the past six months, after stalling at the start of the pandemic last year. Cutting centers in India and Antwerp have been replenishing supplies after they’d been unable to buy during the worst of the crisis. At the same time, demand jumped amid surprisingly good festive sales.

That’s created an opportunity for the biggest producers to rapidly escalate prices. De Beers has been increasing since the end of last year and was already back to pre-coronavirus levels. It sold more than $1.6 billion in rough gems in its first three sales of 2021, the most since 2018.

The increase at this week’s sale is unusually sharp for De Beers. The miner this week increased the prices for some rough diamonds bigger than 2 carats by about 10%, with other expensive goods rising in high single digits, according to people familiar with the matter, who asked not to be identified discussing private information. The company also raised the prices of some categories of smaller goods.

A De Beers spokesperson declined to comment.

So far, the higher prices haven’t dampened buying from the major cutting centres, whose tradespeople are benefiting in turn from strong consumer demand in the key markets of the U.S. and China.

The speed and strength of the recovery caught many in the industry by surprise. The two biggest diamond miners, De Beers and Russia’s Alrosa PJSC started the year with billions of dollars in surplus stock that they couldn’t sell last year, yet sold nearly all of those stones — as well as the ones they mined — in the first quarter.

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  • We must ‘walk the talk’ July 4, 2022
    We can only save ourselves and our planet by confronting climate change BY COLLEN VIXEN KELAPILE Climate change has become the enemy of human progress and a threat to humanity’s survival. We see its devastating consequences daily. No country is […]
  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
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