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Amid economic uncertainty, diamond trade remains cautious

Amid ongoing economic uncertainty, the diamond trade remains cautiously optimistic about the trajectory of the market, according to statements made by De Beers Group this week.

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Based in Gaborone, Botswana, De Beers Group reported a modest improvement in rough diamond sales, signaling a gradual recovery in the sector. The company disclosed that its rough diamond sales for the third sales cycle of the year, concluding on April 16, amounted to $445 million.

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While this figure represents an 18 percent decline compared to the third sales cycle of 2023, which stood at $542 million, it reflects a 3 percent increase from the preceding cycle, which totaled $431 million. Notably, this marks the fourth consecutive sales cycle in which De Beers has observed a rise in sales.

Year-to-date figures reveal that De Beers’ sales have reached $1.25 billion, indicating a 16 percent decrease compared to the same period last year, which amounted to $1.49 billion.

Al Cook, CEO of De Beers Group, commented on the results of the third sales cycle, noting that despite ongoing economic uncertainties and sluggish growth in China, many diamond businesses are proceeding with caution in their purchasing decisions. Cook acknowledged a continued uptick in rough diamond sales during the cycle, surpassing expectations for what traditionally tends to be a slower period in the second quarter of the year.

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