Global diamond group DeBeers has reported an over 20% bump in auction sales towards the closing of the 2022 sales year during its 10th and final yearly sales cycle. The mining and trading firm sold £340million of the gems at its auction in December – up from £279million in December 2021.
Before the pandemic, diamond prices were falling as the market struggled with oversupply, economic slowdown in China, and a global squeeze on luxury goods spending. The estimated sales at the December auction were down 10 per cent on the November auction, where the firm made £377million.
De Beers via Debswana, also owned by FTSE 100 mining group Anglo American, has earmarked US$6 billion to build the world’s largest underground diamond mine at Jwaneng, already the richest diamond mine in the world.
Photo Credit: Debeers