De Beers’ sales rise

Grinding on: Debswana contributes about two thirds of De Beers' annual output PIC: DEBSWANA
Grinding on: Debswana contributes about two thirds of De Beers' annual output PIC: DEBSWANA

De Beers’ rough diamonds sales in the second cycle of the year, reached $430 million, about 15% higher than the January sales event, but still lower than the same period last year.

The trajectory, however, will boost the hopes of an industry which last year hobbled through double digit reductions in retail demand and prices.

The preliminary sales figures released by the diamond giant represent the highest figures since at least the fifth sales cycle of last year, just before sales and prices began declining. Commenting on the latest sales cycle, De Beers CEO, Al Cook said while he was pleased to see a continued increase in demand, the ongoing economic uncertainty in the United States had led to retailers restocking conservatively after the 2023 holiday season.

He added that consumer demand for diamond jewellery is growing in India but remains sluggish in China. Overall, De Beers expects that the ongoing recovery in rough diamond demand will be gradual through the year, he said.

Demand for rough stones crashed last year due to an oversupply in the midstream and the retail sector, as well as economic uncertainty particularly in the United States and stiffer competition at certain levels of the market from synthetics.

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