Sunday, June 30, 2024

De Beers’ Rough Diamond Sales Sink to $80M

Gaborone, Botswana – De Beers Group’s rough diamond sales slumped to a new low in the latest round of sightholder sales due to India’s moratorium on imports and a stunted retail recovery in China, the company said.

Sales of rough diamonds totalled just $80 million between 4 October and 3 November, compared with $454 million in the same period last year.

It is the lowest total for the diamond miner and marketer since it began reporting sight results in 2016, and even below pandemic levels.

Year-to-date, De Beers is now 35 per cent behind its 2022 sales total.

Through early November, De Beers’ 2023 rough diamond sales have totalled $3.49 billion, compared to $5.38 billion at this point last year, when De Beers had a banner year with rough sales approaching $6 billion.

Commenting on the company’s latest sales results, CEO Al Cook said: “Macroeconomic challenges continue to impact the diamond sector. The retail recovery in China remains slow, and the voluntary moratorium on rough diamond imports into India will lead to extended Diwali holidays and factory closures in the world’s largest diamond cutting centre”.

As a result, De Beers continued to allow sightholders to buy as little or as much rough as they wanted in the ninth sales cycle, in an effort to help rebalance supply and demand in the midstream.

The company’s 10th and final sales cycle of the year will take place next month.

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