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De Beers Sales Rise 23% YOY in July
Despite unusually high summertime sales, the company’s CEO said the industry remains “watchful.”
De Beers Group’s sales in the sixth cycle of the year (July 11-26) totaled $630 million, up 23 percent year-over-year but down slightly (4 percent) from the fifth sales cycle. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana–Rough diamond sales continue to be unusually strong in the summer months for De Beers Group, though the overall industry is adopting a “watchful” approach in light of current macroeconomic conditions, its CEO said.
The company reported earlier this week that sales to sightholders and auction customers in its sixth sales cycle of the year (July 11-26) totaled $630 million.
That is up 23 percent from the same period in 2021 ($514 million) but down slightly, 4 percent, from $657 million in the previous sales cycle.
Though demand for rough diamonds continues to be steady in what is normally a quiet period for De Beers, the industry is keeping an eye on factors that could impact consumer demand, including a slowing economy in one major market—China—and growing recession fears in the world’s largest market for diamond jewelry, the United States.
CEO Bruce Cleaver said: “Following a period of consistently robust demand in the first half, we continued to see steady demand for De Beers rough diamonds in the sixth sales cycle of the year.
“However, the diamond industry continues to adopt a watchful approach in light of the risks to consumer sentiment presented by macroeconomic challenges.”
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