Namibia: Diamonds Demand Stabilises

19 November 2020

DIAMONDS are still in demand, and the De Beers Group raked in some N$6,9 billion from its recently held ninth sales cycle.

Though less than the eighth cycle's figure, which was at N$7,7 billion, Bruce Cleaver, the company's chief executive officer, said expectations are that demand would be reasonably stable during the upcoming holidays.

Preceding sales cycles have been on the low ever since Covid-19 struck, but with the easing of global lockdowns, diamonds started leaving the shelves again fast.

Cleaver said the resurgence of Covid-19 infections in several consumer markets presents ongoing risks and remains a concern.

The ninth cycle brings sales value to date to N$28,7 billion.

* Compiled by Lazarus Amukeshe

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