Rising US demand for diamonds, Alrosa forecast stubborn

Rising US demand for diamonds, Alrosa forecast stubborn - Artificial Jewellery

Anglo American, a De Beer’s-owned mining company, achieved rough diamond sales of $US650 million ($AU942.58 million) during the fifth cycle of 2022.

Anglo American’s report noted an increase in demand, particularly from the US. The report was based on the provisional sales results of cycle five (6 -21 June), highlighting an increase of 36 per cent compared to the same cycle in 2021.

That period achieved sales of $US477 million ($691.71 million).

The estimated sales figure is also higher than the actual sales results for cycle four (2-17 May) which is at $US604 million ($AU875.87 million).

Bruce Cleaver, CEO, De Beers Group said, “Diamond jewellery demand continues to perform well in the key US market, and this was reinforced by positive sentiment following the influential JCK Las Vegas jewellery trade show held in mid-June.”

The gradual reopening of retail stores in China due to the easing of COVID-19-related lockdowns and health restrictions also contributed to the increase in demand for diamonds during the sales cycle.

Anglo American completed its highest sales results to date with $US660 ($AU957.08 million) in rough diamond sales during the first sales cycle of 2022.

Alrosa maintains production forecasts

Meanwhile, Russian mining company Alrosa is maintaining its production expectation for 2022 of around 34 to 35 million carats in rough diamonds, as reported by Interfax

Sergey Ivanov, CEO, Alrosa said, “I think we are on track and so far, despite certain difficulties, we are working exactly according to plan in the first half of the year, somewhere in this range.”

“We do not plan to lower production in the second half of the year. Capacity is utilized and the investment program is being fulfilled,” he added.

Ivanov also said the company will soon reopen the Mir mine in Siberia, noting the positive results of the feasibility study and project analysis indicating that “its metrics are good.”

Record auction results for rubies

London-based emerald and ruby mining company Gemfields announced record revenues for rubies in its latest series of mini-auctions conducted between 30 May and 17 June.

The total sales revenue generated from the seven tenders is $US95.6 million ($AU138.63 million).

A total of 387,681 carats of rubies were sold at an average price of $US247 ($AU358.18) per carat, which is almost double the value of $US132 ($191.4) per carat during the previous series of auctions in December 2021.

More reading
De Beers uncertain to meet rough demand while diamond shortage worsens 
De Beers returning to Angola after strong start to 2022
Recovery in diamond market as Alrosa, De Beers record positive results
Alrosa reports rise in diamond output due to strong demand
Economic sanctions on Russia seen to impact diamond trade


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