SourcingAug 31, 2022
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Rough Diamond Sales Remain Steady for De Beers
The company’s sales were up 21 percent year-over-year in August and essentially flat when compared with July.
Rough diamond sales totaled $630 million in August for De Beers Group and are at $4.41 billion year-to-date. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—De Beers Group’s rough diamond sales again rose year-over-year in August and continue to pace ahead of last year, figures released Wednesday by the company show.
De Beers’ rough diamond sales totaled $630 million in its seventh sales cycle of 2022 (Aug. 15-30), up 21 percent from $522 million in the same period last year.
Month-over-month, sales were essentially flat, with a provisional figure of $630 million for August and a revised figure of $638 million for July.
Sales in both July and August remain below the peaks of $660 million (January) and $657 million (June) reached earlier this year.
Year-to-date, the company’s rough diamond sales have totaled $4.41 billion compared with $3.57 billion at this point last year, a 24 percent increase.
Commenting on the August results, De Beers CEO Bruce Cleaver described rough diamond sales as “steady” but expects them to slow down in the coming months, a trend he attributed to the Diwali holiday in India.
He said: “De Beers Group rough diamond sales continued at a steady level in the seventh sales cycle of 2022. In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays.”
However, Tenoris, the new data analytics service launched by Edahn Golan and Chris Casey, stated in its latest release that retailers are scaling back their diamond purchases as U.S. jewelry sales show signs of cooling off following an incredible two-year run.
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