De Beers sees subdued market for diamonds
Friday, April 26, 2024 | 230 Views |
Grinding on: De Beers has shaved its forecasts for this year and expects recovery in the medium term PIC: MORERI SEJAKGOMO
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.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...