De Beers’ sales reach P6.7bn

The performance for the second auction of the year is however 24% lower than the values sold at the corresponding auction last year, a trend that largely reflects stronger than average pricing and demand last year. New CEO, Al Cook said demand continued steadily for rough diamonds in line with the group’s expectations for sales as the year progresses.

He added that De Beers was aware that sightholders, the exclusive list of buyers contracted for De Beers’ auctions, planned more of their purchases for later in 2023, given the economic uncertainty when they were taking their planning decisions at the end of 2022.