SourcingApr 04, 2023
Botswana Government Takes Stake in HB Antwerp SourcingApr 13, 2023
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.
De Beers Group’s rough diamond sales to sightholders and auction customers totaled $540 million in the third sales cycles of the year, down 5 percent compared with the prior-year period but up 9 percent when compared with the second sales cycles of 2022. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—After a slower start to the year, De Beers Group’s rough diamond sales picked up in late March through mid-April.
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).
Related stories will be right here …
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.
More on Sourcing
The Latest
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons HomeThe new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US OpenThe Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary EditionThe three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
TrendsAug 25, 2025
Amanda’s Style File: That’s a WrapWrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.
Weekly QuizAug 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
