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.
A New Hampshire store manager is the inaugural recipient of the grant for up-and-coming women in retail.
Available exclusively at Greenwich St. Jewelers, the “Nipple Collection” will benefit Living Beyond Breast Cancer.
Awareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.
Do you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.
“Pre-Owned Luxury by Rocksbox” offers secondhand jewelry from Kay, Zales, and Jared to members and non-members.
The museum is asking for the public’s help in finding thousands of pieces of ancient gold jewelry and gemstones stolen from a storeroom.
The plea comes against a backdrop of declining demand and falling prices.
Shoppers also expressed concern about rising prices, higher interest rates, and political uncertainty.
The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.
Police say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.
The designer just launched a new bridal range at Kay Jewelers.
Steve Levine joins the family-owned company, while his brother Gary has a new position.
The company has filed complaints against Royal Chain and Samuel B.