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
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
