SourcingMay 17, 2023
Alrosa Names New CEOSourcingMay 22, 2023
De Beers Consolidates Auctions as Diamond Sales Lose Steam
The company confirmed it will be combining the auctions for the fifth and sixth sales cycles into one.
De Beers Group’s most recent rough diamond sales showed a slowdown in demand in the market, with sales down 21 percent year-over-year and 11 percent from the previous sales cycle. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—Rough diamond sales slowed for De Beers Group in May and the company confirmed it will be consolidating two upcoming auctions in response to the drop in demand.
De Beers’ sales of rough diamonds to both sightholders and auction customers totaled $480 million between May 1 and 16, its fourth round of sales this year.
That is down 21 percent from the same period last year ($604 million), and 11 percent from the third sales cycle ($542 million).
CEO Al Cook blamed the decline on a slower-than-anticipated recovery in consumer demand in China following the lifting of COVID restrictions as well as “ongoing macroeconomic uncertainty.”
He also noted the industry is entering what is normally a quieter time for diamond demand.
Year-to-date, De Beers’ rough diamond sales continue to pace about 20 percent behind last year’s total.
Sales stand at $2.03 billion through the fourth sales cycle of 2023, compared with $2.48 billion at this point last year.
De Beers confirmed that it will be combining both its interim and main auctions for the fifth and sixth sales cycles of the year. It said the decision, “reflects our sustainable and responsible approach to rough diamond supply and acknowledges the business needs of [auction] customers.”
It has not yet announced a viewing schedule or sale dates for the next sale.
De Beers sells as much as 10 percent of its production via auction, with the remaining 90 percent going to sightholders.
The company’s interim auctions take place earlier in the sales cycle and feature smaller, lower-quality goods, while the main auction has some lower-quality goods as well as the larger goods leftover from the sightholder viewings.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
MajorsJan 30, 2025
WJA Chapter Leaders Resign as Fallout From DEI Remarks SnowballsThe boards of at least five chapters have resigned in response to controversial statements the WJA national board president made last month.
Policies & IssuesJan 30, 2025
RJC Executive Director Melanie Grant Is Stepping Down An experienced jewelry writer and curator, Grant led the organization for two years.
CollectionsJan 30, 2025
Pharrell Williams Brings Tahitian Pearls to His New Tiffany & Co. CollectionFive new designs were added, all donning Tahitian cultured pearls and spear-like trident motifs, along with the new “Titan” setting.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
Events & AwardsJan 30, 2025
Registration Open for Converge 2025The inaugural event is being co-hosted by the American Gem Society and the Gemological Institute of America.
Weekly QuizJan 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJan 30, 2025
24 Karat Club of New York Elects 5 New MembersJewelers of America’s Annie Doresca and AGTA CEO John W. Ford Sr. are among the new members.
CollectionsJan 29, 2025
Boucheron’s High Jewelry Takes the Form of ‘Untamed Nature’The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
FinancialsJan 29, 2025
LVMH Watch, Jewelry Sales End the Year DownWatch and jewelry sales slipped 3 percent in 2024, though the luxury conglomerate did see business pick up in the fourth quarter.
MajorsJan 29, 2025
Chanel Names New General Manager of Watches, Fine Jewelry for USOlivier Kessler-Gay will take over the role on March 3.
SurveysJan 29, 2025
Consumer Confidence Slips for Second Consecutive Month It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
Events & AwardsJan 29, 2025
Chris Ploof To Teach Mokume Gane at AJSThe jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
Events & AwardsJan 28, 2025
NouvelleBox Show Returns to New York CityThe showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
Recorded WebinarsJan 28, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
Events & AwardsJan 28, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
MajorsJan 27, 2025
Le Vian Corp. Chairman Larry LeVian, a Man of Faith and Family, Dies at 73 LeVian is remembered for his leadership in the jewelry industry and for being a selfless and compassionate person.
CrimeJan 27, 2025
New Jersey Jeweler Sentenced to 2 1/2 Years for Evading CustomsMonishkumar Kirankumar Doshi Shah pleaded guilty to evading customs on more than $13.5 million of jewelry imported into the U.S.
SourcingJan 27, 2025
Dev Shetty To Head New Auction House for Rare Colored GemsJemora Gemhouse’s inaugural auction, slated for March, will take place in Dubai and feature polished sapphires.
CollectionsJan 27, 2025
Rachel Quinn Embodies Feelings of Falling in Love in New CollectionQuinn partnered with Gemfields to create “Crazy Love,” which features Zambian emeralds and Mozambican rubies across 10 pieces.
MajorsJan 27, 2025
Arch Crown’s 2025 ‘Tag & Label’ Catalog Is Out Now The catalog is 48 pages and features more than 100 styles.
CollectionsJan 24, 2025
Piece of the Week: Ashley Zhang Jewelry’s Lunar New Year NecklaceThe one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
SourcingJan 24, 2025
Ethical Gem Fair Heads Back to Tucson The gemstone show is slated to take place at the Scottish Rite Cathedral.
Policies & IssuesJan 24, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
CrimeJan 23, 2025
4 Men Arrested After Allegedly Plotting to Kidnap JewelerThe suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
CrimeJan 23, 2025
Security Guard Killed in Armed Robbery at Namibian Diamond Co. Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
SourcingJan 23, 2025
RapNet, AGTA Partner to Launch Gemstone Trading NetworkThe online diamond and jewelry marketplace has expanded, introducing a new platform dedicated to colored gemstone trading.
