Tuesday, June 4, 2024
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De Beers Reports Incremental Improvement in Rough Diamond Sales

Gaborone, Botswana—De Beers Group witnessed a notable uptick in rough diamond sales during February, albeit with a note of caution regarding the purchasing behavior of U.S. retailers, according to the company’s CEO.

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In the second sales cycle of 2024, De Beers recorded total sales amounting to $430 million. Although this figure reflects a 13 percent decrease compared to the corresponding period last year ($497 million), it marks a significant 15 percent increase from the first round of sales in 2024, which totaled $374 million.

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This marks the third consecutive sales cycle in which De Beers has observed an upward trajectory in sales.

Year-to-date, the company’s rough diamond sales have reached $804 million, in contrast to $951 million in the equivalent period of 2023.

This recovery follows a challenging period wherein sales plummeted to as low as $86 million, prompted by a two-month ban on rough diamond imports initiated by Indian industry leaders due to an oversupply situation in the midstream.

Al Cook, CEO of De Beers, expressed satisfaction with the continued growth in demand for the company’s rough diamonds during the second sales cycle of 2024. However, he highlighted the prevailing economic uncertainty in the U.S. as a factor contributing to retailers’ conservative restocking behavior post the 2023 holiday season.

Cook elaborated, “Consumer demand for diamond jewelry is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year.”

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