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.
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.
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.
The Latest
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.