Strong US Demand Boosts De Beers H1 2021 Performance to 2019 Levels

Rough Market
30/07/2021 07:50

In its financial results update, released by De Beers, the company states revenue compared y-o-y more than doubled to US$2.9bn, from US$1.2bn at the height of the pandemic year 2020, EBITDA rose from a meager US$2m to US$610m, for a total of 19.2m cts (up from 8.5m cts in H1 2020.) . According to comments to JCK, the company attributes the positive results to remarkably strong recovery in the USA, outperforming China's rebound. De Beers average price per carat rose 13%, from US$119/ct (2020) to US$135/ct. While some industry experts fear the rough boom on the market could result in rough bubble, De Beers CEO Bruce Cleaver remains confident rough market prices are solid, with healthy midstream inventory levels and continued, reduced supply as mining operations near their retirement or closed.