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Navigating the Slow Recovery: Global Rough Diamond Market Shows Signs of Rebound

Recent provisional sales figures from De Beers for the year 2024 suggest a gradual uptick in the global rough diamond market. The figures reveal that rough diamond sales totaled $445 million in the current cycle, a slight increase from $431 million in the second cycle and $374 million in the first. However, these numbers still fall short of the $542 million reported during the third cycle of 2023. Al Cook, CEO of De Beers, maintains a cautious optimism regarding the market’s trajectory.

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Cook emphasized the prevailing caution among diamond businesses in their purchasing decisions, attributed to the uncertain economic landscape and sluggish growth in China. Despite these challenges, Cook noted an uptick in rough diamond sales during the third sales cycle, typically considered a slower period for demand in the second quarter.

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In earlier statements on March 13, Cook highlighted the growing consumer demand for diamond jewelry in India, juxtaposed with sluggish trends in China. He expressed expectations for a gradual recovery in rough diamond demand as the year progresses.

On April 16, Petra Diamonds disclosed the results of its third diamond sales tender, noting relatively stable prices compared to preceding cycles. Richard Duffy, CEO of Petra Diamonds, remarked on the average like-for-like prices for the first five tenders of the financial year 2024, which showed an 8.5% year-to-date decrease compared to the equivalent period in the financial year 2023. However, Duffy affirmed that pricing assumptions for the remainder of the year remain unchanged.

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