Recovering Demand in China Boosts De Beers’ Sales
The company’s third-cycle sales totaled $540 million, down only slightly from the same period in a strong 2022.
The company announced Wednesday that rough diamond sales in the third sales cycles of 2023 (March 27-April 11) totaled $540 million.
That is down less than 5 percent when compared with the same period in 2022 ($566 million), a relatively small decline considering how strong the company’s sales were last year.
Compared with the second sales cycle of 2023 ($497 million), De Beers’ rough diamond sales were up nearly 9 percent.
New CEO Al Cook said third-cycle sales were in line expectations. He described diamond jewelry demand as “positive,” calling out China specifically.
“We have continued to see good demand for our rough diamonds over the third sales cycle of the year as we move into the second quarter of 2023,” he said.
“Sales were in line with expectations and we continue to see some encouraging positive trends in consumer demand for diamond jewelry, not least in China where we’re beginning to see some signs of recovery in consumer confidence following the relaxation of travel restrictions.”
Year-to-date, De Beers’ rough diamond sales have totaled $1.49 billion, lower than they were at this point last year ($1.88 billion).
De Beers’ announcement of its third cycle sales results comes amid speculation about the future of its relationship with Botswana.
De Beers and the government of Botswana are still operating under a sales agreement that dates to January 2011 and originally was set to expire at the end of 2020.
Under the terms of that agreement, Debswana, the mining company jointly owned by De Beers and the Botswana government, is bound to sell 75 percent of its rough diamond output to De Beers, while the remaining 25 percent is sold through the Okavango Diamond Company, which is owned by the Botswana government.
The two parties have pushed back the agreement’s expiration date three times. The current deadline to reach a new agreement is June.
De Beers told National Jeweler last week that it continues to work toward a new sales agreement for Debswana diamonds and the Debswana mining licenses.
The lab-grown diamond brand also collaborated with the website The Future Rocks on a collection launching today.
It’s the hero piece of the newest "Green Jewel" collection, a collaborative offering from the two mines.
With holiday proposals right around the corner, encourage your customers to go for platinum when making the big purchase.
Chris Cramer, who also spent time at Gen Z intimates brand Parade, will take on the dual role.
In a world where the sparkle of a gemstone is only as brilliant as the trust behind it, IGI's purpose is truly invaluable.
The retail offering lets customers track their diamond’s journey.
From Thanksgiving through Cyber Monday, 200.4 million consumers shopped online and in stores.
The growing company also plans to open more of its own boutiques.
The best quotes from the Oracle of Omaha and his right-hand man Charlie Munger from the 2018 Berkshire Hathaway shareholders meeting.
Next year’s milestone show will be full of educational programming and collaborations.
The Albany Business Review recently honored the 100-year-old company.
To honor his legacy, GIA has set up a scholarship in his name.
There have been eight attacks in the last month, spanning from a jewelry store parking lot in Rhode Island to highways in California.
The organization recognized outstanding industry players at its celebratory event.
Emmanuel Raheb outlines three reasons why Hulu advertising and football can be a game changer for your jewelry store’s marketing.