Rough diamond sales at De Beers Group’s final sales cycle of the year reached US$410 million, up from year-ago figures on the back of pre-holiday stocking and buyers preparing for China’s reopening.

Provisional results of group’s 10th sales cycle, which includes global Sightholder sales and auctions, however, are slightly lower than actual sales of US$454 million achieved from the previous cycle. 

Bruce Cleaver, CEO of De Beers Group, explained, “Demand for our rough diamonds over the final sales cycle of 2022 was in line with expectations, ahead of the normal seasonal closure of polishing factories in southern Africa over the Christmas period and with Sightholders taking a prudent approach ahead of restocking after Christmas and the expected re-opening of the China market.”

China earlier eased its strict zero-Covid policy, prompting hopes for a full reopening of the market.