De Beers’ sales perk up

Wednesday, January 31, 2024 | 6430 Views |

Glittering riches: Diamonds appear to be clawing their way out a slump PIC: LUCARA

De Beers’ rough diamonds sales almost tripled in the first sale of the year, reaching $370 million (P5.1 billion), rising from recent lows and signalling hopes for an uptrend in demand.

Preliminary receipts from the latest sales, held in Gaborone, were the highest since the seventh sales cycle last year, after which demand tightened even further, reaching COVID-era lows.

Commenting on the latest sales cycle, De Beers’ CEO, Al Cook, said solid consumer demand for diamonds in the United States over the year-end holiday season had “certainly helped” to stabilise the industry. He said there was certainty that polished diamond prices were increasing again.

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