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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.
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