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
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.