De Beers sees diamonds recovering next year

Friday, August 02, 2024 | 1210 Views |

Hopeful: Rowley sees an uptick taking place next year

Diamond giant, De Beers, expects the downturn in the industry to ease next year, with the pressures affecting the stones falling off in the early quarters of 2025.

The diamond retail market has been experiencing subdued demand since the second half of last year, causing the mid-stream to build up high inventories which have in turn forced producers such as De Beers to cut production.

Presenting the group’s interim financials for the first half last week, De Beers Vice President, Paul Rowley, said trading conditions for the diamond market remained difficult with jewellery sales in major markets such as China affected by poor macroeconomic conditions.

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