De Beers’ Rough Diamond Sales Drop 36% in July
CEO Al Cook attributed the decline to a combination of seasonal slowdown and manufacturers’ wariness about the remainder of 2023.
During the course of sightholder and auction sales held July 10-25, De Beers’ rough diamond sales totaled $410 million, down 36 percent from $638 million in the same sales period last year.
Compared with the $456 million reported in the fifth sales cycle of 2023 (June 5-20), sales were down 10 percent.
July marked the fourth straight month in which De Beers has seen rough diamond sales decline, echoing what smaller mining companies said in their most recent earnings reports.
Year-to-date, De Beers’ rough diamond sales have totaled $2.84 billion, down 25 percent from $3.78 billion at this point last year, a banner year for diamond sales.
Al Cook, who took over as De Beers CEO in February, attributed the decline to both July being a slower time of year for diamond trading and to manufacturers being uncertain how the rest of the year will play out.
He said, “In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle of the year. Participants in the diamond industry’s midstream sector continue to take a cautious approach to purchases in light of ongoing macroeconomic challenges.”
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