Diamond Trade Remains Cautious Amid Economic Uncertainty
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
The company’s rough diamond sales totaled $445 million in the third sales cycle of the year, which ended April 16.
That is down 18 percent compared with the third sales cycle of 2023 ($542 million) but up 3 percent from the second sales cycle ($431 million), marking the fourth sales cycle in a row in which De Beers’ sales have increased.
Year-to-date, De Beers sales have totaled $1.25 billion, pacing 16 percent behind last year at this point ($1.49 billion).
Commenting on the company’s third sales cycle results, CEO Al Cook said, “Many diamond businesses are continuing to take a cautious approach to purchases amidst the uncertain economic landscape and the slow pace of growth in China.
“However, we saw a further uptick in our rough diamond sales in our third sales cycle, ahead of what is usually a slower period for rough diamond demand in the second quarter of the year.”
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