EditorsAug 30, 2023
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De Beers’ Rough Diamond Sales Decline Again
They were down 42 percent year-over-year and 10 percent month-over-month in August.
Decreased demand for diamond jewelry is impacting De Beers’ rough diamond sales, which fell again in the month of August.
Gaborone, Botswana—De Beers Group reported another month of declining rough diamond sales as sightholders continue to exercise caution amid slowing sales and uncertain outlook.
The company reported Wednesday that sightholders and auction customers bought a total of $370 million worth of rough diamonds in August (the seventh sales cycle of the year), down 42 percent when compared with the same period last year, when sales totaled $638 million.
Month-over-month, sales were down 10 percent.
August marked the fourth straight month that De Beers’ rough diamond sales have declined.
After rising steadily in the first three sales cycles of the year, sales dropped to $479 million in May (the fourth sales cycle of the year) then totaled $456 million in June, $411 million in July, and $370 million in August.
Year-to-date, rough diamond sales stand at $3.21 billion, down 27 percent when compared with the same point in 2022 ($4.42 billion). Last year, however, was a standout year for De Beers, with annual rough sales topping $5 billion for the first time since 2018.
De Beers CEO Al Cook attributed the August sales results to continued caution among sightholders, with companies hesitant to take on too much inventory amid slowing diamond jewelry sales and uncertainty about the near-term future.
He said, “With the prevailing economic environment leading to softer end-client demand for diamond jewelry in key consumer markets, and the traditionally lower levels of midstream trading during the summer period, sightholders continued to take a prudent approach to their purchasing during the seventh sales cycle of the year.”
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