The value of diamonds sold in the second quarter increased to $550-million, from $362-million in the second sales cycle of 2019.

Sales were, however, lower than the $663-million of diamonds sold during the first sales cycle of this year.

"Midstream buyers continued to express healthy demand following better-than-expected retail sales of diamond jewellery over Christmas, Chinese New Year and Valentine’s Day, with the industry now set to enter what is traditionally a period of lower seasonal demand.

"While the year has started positively, we recognise ongoing near-term uncertainty in the pace and shape of the recovery,” CEO Bruce Cleaver notes.