De Beers’ 2023 Sales Off to a Slower Start
New CEO Al Cook said the economic uncertainty that lingered in late 2022 caused sightholders to put off buying until later in 2023.
Rough diamond sales for what De Beers terms its second sales cycle of the year (the period spanning Feb. 20 to March 7) totaled $495 million compared with $652 million in the second sales cycle of 2022.
That is a 24 percent year-over-year decline.
Compared to the first sales cycle of 2023 ($454 million), De Beers’ sales were up 9 percent.
So far this year, the company’s sales total $949 million through two rounds of sales, compared with $1.31 billion at this point in 2022, an exceptionally strong year for De Beers.
Demand for diamond jewelry, which spiked during the pandemic and has remained elevated, coupled with sanctions on Alrosa goods bolstered demand for the company’s diamonds in 2022.
De Beers finished the year with rough diamond sales totaling $5.79 billion, a 20 percent year-over-year increase. It was the first time since 2018 that the company’s annual rough sales topped $5 billion.
De Beers ramped up production to near-maximum capacity, mining 34.6 million carats, a 7 percent year-over-year increase.
De Beers’ latest sales results, released Wednesday, are the first under new CEO Al Cook, who started at the company two weeks ago.
Cook replaces Bruce Cleaver, who stepped down as CEO in early 2023 but became co-chairman of De Beers Group, serving alongside Anglo American executive Duncan Wanblad.
Cook described rough diamond demand as “steady” while also noting “positive trends” in diamond jewelry demand at the start of the year.
“In this, my first sight update to the market, I am pleased to see continued steady demand for rough diamonds in line with our expectations for sales as the year progresses. For example, we know sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022,” he said, referring to the recession fears that permeated the market late last year.
“It is also encouraging to see some positive trends in end-client demand for diamond jewelry at the start of the year.”
The Latest
Jamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
In the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
Co-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.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
Along with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
The 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.
The 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.
‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
The videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
Feldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
The luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
The nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
Gearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
The diamond cut grade is now available for marquise- and pear-shaped diamonds.
DDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
Estimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
The highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
Recent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
Carrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
The competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
The high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.