Sourcing

De Beers’ Rough Diamond Sales Decline Again

SourcingJun 22, 2023

De Beers’ Rough Diamond Sales Decline Again

CEO Al Cook said macroeconomic challenges are impacting consumer demand, making the industry cautious about the second half of the year.

Rough from De Beers Gahcho Kue mine
Rough diamonds from the Gahcho Kue in Canada, one of De Beers Group’s mines. The company’s rough diamond sales were down 32 percent year-over-year and 6 percent month-over-month in June.
Gaborone, Botswana—De Beers Group’s rough diamond sales declined for the third month in a row in June, with the company’s CEO describing the diamond industry’s outlook as “cautious” heading into the summer months.

De Beers said Wednesday that rough diamond sales to sightholders and auction customers totaled $450 million in the fifth sales cycle of the year, covering the period of June 5-20.

That is down 32 percent from $657 million in the fifth sales cycle of 2022, and down 6 percent from $479 million in rough diamond sales in May.

Last month, De Beers said it would be combining the auctions for its fifth and sixth sales cycles this year in response to a slowdown in demand. The company sells about 10 percent of its production via auctions, with the remaining 90 percent going to sightholders.

 Related stories will be right here … 

CEO Al Cook said Wednesday that ongoing global macroeconomic challenges are impacting consumer demand, which in turn is affecting demand for rough diamonds. 

“Reflecting this, we saw demand for De Beers rough diamonds during the fifth sales cycle of the year slightly softer than the fourth cycle,” he said. 

Year-to-date, the gap between De Beers’ 2023 sales and 2022 sales continues to widen. 

Through the fifth sales cycle of 2023, sales total $2.42 billion, down 23 percent when compared with $3.14 billion in sales at the same point last year.

In May, the sales differential stood at 18 percent, $2.03 billion versus $2.48 billion a year ago. 

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