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De Beers sees subdued market for diamonds

Friday, March 01, 2024 | 1620 Views |

Grinding on: De Beers has shaved its forecasts for this year and expects recovery in the medium term PIC: MORERI SEJAKGOMO

Diamond giant, De Beers expects a gradual recovery in rough diamond demand, foreseeing challenges ahead after a 30% slump in sales in 2023.

De Beers reported suboptimal sales of rough diamonds, especially in the last quarter, resulting in revenues of $4.3 billion, down from $6.2 billion in 2022.

Briefing journalists last week, senior De Beers officials said their forecast indicates that the rough diamond market will remain subdued, highlighting lingering uncertainties. Paul Rowley, the vice president of De Beers Diamond Trading, noted that short to medium-term expectations remained modest due to the slow recovery of major diamond markets.

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