SurveysOct 05, 2022
U.S. Jewelry, Watch Sales Slow in AugustSourcingOct 06, 2022
In September, De Beers’ Rough Sales Show Signs of Softening
Rough diamond sales totaled $500 million, up only about 2 percent year-over-year and down 22 percent from the previous sales cycle.
De Beers Group reported its latest rough diamond sales results Wednesday, with rough sales up less than 2 percent year-over-year, which CEO Bruce Cleaver attributed to a pre-Diwali quiet period, but also could be a signal that jewelry sales are slowing down. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—Rough diamond sales slowed down for De Beers Group in September, though the company still remains on pace to finish well ahead of last year.
Sales to sightholders and auction customers totaled $500 million (a preliminary figure that’s normally later revised upward) in De Beers’ eighth sales cycle of the year, which spans the period of Sept. 19 to Oct. 4.
That is only a slight increase from the $492 million recorded in cycle 8 2021, and down 22 percent when compared with sales cycle 7 2022 ($638 million).
De Beers CEO Bruce Cleaver said sales were in line with expectations in what normally is a quieter time of year for the diamond industry. Polishing factories in India are preparing to shut down for the Diwali holiday, which starts on Oct. 24.
But he added that, “the steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewelry ahead of the key holiday sales season in the U.S.”
Related stories will be right here …
Sales to sightholders and auction customers totaled $500 million (a preliminary figure that’s normally later revised upward) in De Beers’ eighth sales cycle of the year, which spans the period of Sept. 19 to Oct. 4.
That is only a slight increase from the $492 million recorded in cycle 8 2021, and down 22 percent when compared with sales cycle 7 2022 ($638 million).
De Beers CEO Bruce Cleaver said sales were in line with expectations in what normally is a quieter time of year for the diamond industry. Polishing factories in India are preparing to shut down for the Diwali holiday, which starts on Oct. 24.
But he added that, “the steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewelry ahead of the key holiday sales season in the U.S.”
While De Beers’ rough diamond sales continued to top last year’s results, they did show signs of softening in September-October.
The slowdown could be attributable to the upcoming holiday, as cited by Cleaver, but also could be an indicator of what a number of industry analysts, including Edahn Golan and Sherry Smith, have noted recently.
After a blockbuster couple of years, fine jewelry sales seem to be coming back down to Earth.
De Beers’ rough diamond sales grew less than 2 percent year-over-year in the eighth sales cycle.
That is a significant drop-off from the peak year-over-year growth of 57 percent recorded in May, which was followed by gains of 36 percent, 23 percent, and 21 percent in June, July, and August, respectively.
Year-to-date, however, the company remains well ahead of last year’s rough diamond sales total.
As of the eighth sales cycle of 2022, De Beers has sold $4.99 billion in rough diamonds compared with $4.06 billion at this time last year, an increase of 23 percent.
More on Sourcing
The Latest
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
CollectionsDec 12, 2024
The Jared Atelier x Vera Wang Collection Emphasizes EleganceThe high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
