Friday, July 12, 2024

De Beers Reports a Decline in Rough Diamond Sales to $130 Million in Final 2023 Cycle

De Beers, a prominent figure in the diamond industry, recently disclosed a marked decline in its rough diamond sales for the tenth and concluding sales cycle of 2023. The provisional sales figures released by the company for the period spanning from November 9th to December 19th totaled $130 million.

This figure indicates a significant 69% decrease from the corresponding cycle in 2022, which reported sales of $417 million. However, it reflects a notable 51% increase compared to the $86 million reported in the ninth cycle of 2023.

Al Cook, CEO of De Beers, attributed the diminished sales figures to the company’s deliberate strategy of curbing its supply of rough diamonds in response to subdued market demand. Cook explained, “In the final sales cycle of 2023, De Beers continued to offer lower levels of rough diamond supply, in line with current demand. As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand.”

He further noted positive indicators, mentioning that polished diamond prices seem to have stabilized as inventory levels have declined. However, Cook cautioned that improvements in rough diamond trading conditions are expected to occur gradually.

The strategic adjustment in De Beers’ rough diamond supply reflects a concerted effort to align with market demand dynamics, signaling a cautious approach to balance the industry’s supply and demand equilibrium.

The company remains watchful as it navigates through the ongoing market fluctuations, anticipating a gradual improvement in the conditions governing the trade of rough diamonds in the foreseeable future.

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