De Beers’ Oct/Nov Rough Sales Total $450M
As in September, the company’s sales were up slightly year-over-year but down month-to-month.
The company’s rough diamond sales (counting both sightholder and auction sales) for the sight period Oct. 31-Nov. 15 totaled $450 million, increasing 3 percent year-over-year from $438 million but declining 11 percent from $508 million in the previous sales cycle.
It’s a continuation of the pattern first noted last month—De Beers’ rough diamond sales are increasing only slightly year-over-year and declining month-to-month, a sign of softening demand in what has been a red-hot diamond market.
In October, CEO Bruce Cleaver said sales were in line with expectations for this time of year as polishing factories in India prepared to shut down for Diwali.
He noted the impact of Diwali again in November.
“We saw good demand for our rough diamonds during cycle 9, with sales reflecting what is traditionally a quieter time for the diamond midstream ahead of polishing factories reopening in India following the Diwali holidays,” Cleaver said.
Year-to-date, De Beers’ rough diamond sales remain ahead of 2021 totals, though the gap is narrowing.
Sales through the ninth sales of 2022 are nearing $5 billion ($4.99 billion), compared with about $4.5 billion ($4.49 billion) at the same time last year.
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