SourcingMar 31, 2022
Production at Mine Famous for Its Yellow Diamonds Slated To Restart SourcingApr 18, 2022
De Beers: Diamond Businesses Taking a ‘More Cautious’ Approach
Strength in rough diamond sales continues, but the war in Ukraine and COVID lockdowns in China have companies on alert.
Rough diamond sales totaled $565 million for De Beers Group in the third sales cycle of the year, up 26 percent year-over-year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—Robust rough diamond sales continued in late March/early April, but both the ongoing war in Ukraine and another wave of COVID-19 lockdowns in China are impacting the outlook, De Beers Group said.
The diamond miner and marketer reported last week that rough diamond sales for its third sales cycle of the year, March 28 through April 12, totaled $565 million.
That is up 26 percent from $450 million in the third sales cycle 2021, but down 13 percent from $652 million in the prior sales cycle.
(De Beers is still extending sights beyond its normal week-long period, a change it implemented in the early days of the COVID pandemic.)
Related stories will be right here …
The diamond miner and marketer reported last week that rough diamond sales for its third sales cycle of the year, March 28 through April 12, totaled $565 million.
That is up 26 percent from $450 million in the third sales cycle 2021, but down 13 percent from $652 million in the prior sales cycle.
(De Beers is still extending sights beyond its normal week-long period, a change it implemented in the early days of the COVID pandemic.)
CEO Bruce Cleaver said rough diamond sales remained strong in light of the “robust” demand for rough diamonds in 2021, as well as jewelry sales in the first quarter of 2022.
However, recent events have companies striking a less optimistic tone.
“As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as COVID-19 lockdowns in China,” Cleaver said.
The war in Ukraine has resulted in sanctions against the world’s largest diamond producer in volume terms, Alrosa, which is 33 percent owned by the Russia government.
The U.S. levied sanctions on Alrosa immediately following Russia’s Feb. 24 invasion of Ukraine, and recently ratcheted up its limitations on the Russian diamond miner, placing it on the Specially Designated Nationals list.
After the government announced these sanctions April 8, the Jewelers Vigilance Committee urged U.S. businesses that hadn’t already cut ties with Alrosa to do so now.
JVC also advised U.S. businesses to consult an attorney if they have an ownership interest in or relationships with foreign companies in, for example, India or Antwerp that are still doing business with Alrosa.
In China, meanwhile, the number of COVID-19 cases began rising in early March with lockdowns ensuing in a number of cities including Shanghai, a global financial hub with a population of more than 25 million.
The lockdowns have prompted public outcry, as well as questions about China’s zero-COVID strategy and fears the country could slip into a recession.
More on Sourcing
The Latest
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
