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 Latest
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.