Sourcing

De Beers’ 2023 Sales Off to a Slower Start

SourcingMar 09, 2023

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.

2022_De Beers rough Gahcho Kue.jpg
Rough diamonds from Gahcho Kué, De Beers’ diamond mine in Canada. The company’s rough diamond sales, including both sightholder and auction sales, totaled $495 million in late February/early March, down 24 percent when compared with the same period last year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—After a massive 2022, the new year is off to a slower start for De Beers Group.

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.

 Related stories will be right here … 

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

Movado Connect 2.0 watches
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment

The company plans to raise the prices of select watches to offset the impact of tariffs.

Zoë Chicco Bracelets
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable Environment

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Renato Cipullo Hematite Blaze Necklace
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ Necklace

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

Article Image 1.png
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Stock image of shipping containers
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs Invalid

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

Weekly QuizMay 30, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Britney Spears
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry Line

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Inoveo Platinum Grain image.jpg
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by Stuller

Sponsored by Stuller

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

GemFind Logo
TechnologyMay 29, 2025
GemFind Launches AI Product Description Software

GemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.

Graff Fontainebleau Las Vegas
MajorsMay 28, 2025
Graff Unveils New Las Vegas Flagship

The 3,300-square foot location is the jeweler's largest store in North America.

Kim Kardashian
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist Trial

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

New York Liberty 2024 WNBA Championship Ring
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic Win

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

Jewelers Board of Trade logo
MajorsMay 28, 2025
Andrew Rickard Named JBT President

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.

Al Capone Pocket Watch
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for Auction

The platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.

Kat Florence Lumina
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K

Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.

Mark Henry Gumdrop Bypass Ring
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored Gemstones

Get a taste of the delicious candy-like gemstones in this Amanda’s Style File.

Stock image of police cars with their lights on
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Bliss Lau Bright Ring
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ Ring

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

GIA pearl report
GradingMay 23, 2025
GIA Updates Pearl Classification System

The lab has adjusted the scale it uses for nacre grading.

GCALbySarine Diamond Journey Certificate_1872x1052.jpg
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the Spotlight

Sponsored by GCAL by Sarine

The late West Virginia jeweler David Ettinger
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO Show

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

Watches of Switzerland store in Mall of America
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14%

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

Jorge Adeler, Wendy Adeler, Valentina Adeler
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 Years

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

Jose Hess Design Awards 2025 Trophy
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce Judges

The nonprofit elected five judges who will decide the winners of its design competition.

MJSA 2025-2026 Buyer’s Guide
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s Guide

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

Bulgari Invisible Violet Necklace and Rainbow Flow Necklace
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ Collection

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy