De Beers’ Rough Diamond Sales Dip to Pandemic Lows
The company is pulling back on sales amid oversupply in the midstream and slumping diamond jewelry demand.

In a news release published Thursday, the company announced rough diamond sales totaled $200 million in its eighth sales cycle of the year (Sept. 8-Oct. 3).
That is down 61 percent from the same period last year ($508 million) and down 46 percent when compared with the seventh sales cycle in August ($370 million).
It is De Beers’ lowest rough diamond sales total of 2023 and, the company confirmed, its second lowest since it began reporting sight and auction sales totals in 2016. (The lowest, $116 million, came in the sixth sales cycle of 2020, in the midst of the COVID-19 pandemic.)
CEO Al Cook said, “De Beers reduced its rough diamond availability and made sales of $200 million as the industry’s midstream rebalances certain areas of stock accumulation.”
The company elaborated on the current situation in an email to National Jeweler, stating that manufacturers bought a lot of rough at the start of 2022 in anticipation of continued demand from consumers.
But demand was softer than expected due to a combination of the “economic headwinds” that followed the start of the war in Ukraine in February 2022—inflation chief among them—and the sluggish post-pandemic recovery in China.
Retailers started buying less, which created a “bullwhip effect,” wherein a reduction in demand at the retail level is amplified further up the supply chain, as jewelers buy less not only for their immediate needs but also for the future.
Wholesale prices for polished diamonds are declining, and retailers don’t want to hold any more stock than necessary, De Beers explained.
As for how demand for lab-grown diamonds has impacted natural diamonds, the company said, “In terms of lab-grown diamonds sales, these are really a symptom rather than a cause of the current situation. The macroeconomic challenges mean people have lower disposable incomes and lower-priced products have seen higher levels of consideration.
“Demand for natural diamonds is a function of desirability and affordability, and the economic challenges have led to affordability being reduced. However, we know that underlying desirability remains very strong … so once we start to see economic recovery we anticipate a robust recovery in demand, as we have seen historically in the wake of periods of economic challenge.”
In the release, Cook said the company will provide sightholders “full flexibility” in sights 9 and 10, meaning they can buy as much or as little as they want.
In addition, De Beers is canceling its remaining rough diamond auctions this year.
Cook also mentioned the $20 million De Beers is putting behind marketing natural diamonds this holiday season, updating its “Seize the Day” campaign from the ‘90s and utilizing the iconic “A Diamond Is Forever” tagline.
The Latest

The lab-grown diamond brand also collaborated with the website The Future Rocks on a collection launching today.

The company said it is facing a “challenging retail environment” but is prepared for the holiday season.

It’s the hero piece of the newest "Green Jewel" collection, a collaborative offering from the two mines.

With holiday proposals right around the corner, encourage your customers to go for platinum when making the big purchase.

The 15.48-carat fancy intense “Pink Supreme” topped Christie’s fall jewelry auction in Asia, while a Patek Philippe led the watch sale.


Chris Cramer, who also spent time at Gen Z intimates brand Parade, will take on the dual role.

The stone headlining the upcoming sale could fetch up to $5 million.

In a world where the sparkle of a gemstone is only as brilliant as the trust behind it, IGI's purpose is truly invaluable.

The retail offering lets customers track their diamond’s journey.

From Thanksgiving through Cyber Monday, 200.4 million consumers shopped online and in stores.

The growing company also plans to open more of its own boutiques.

The best quotes from the Oracle of Omaha and his right-hand man Charlie Munger from the 2018 Berkshire Hathaway shareholders meeting.

J. Dostie Jewelers will move from Lewiston to Yarmouth this spring.

It’s the company’s second location in Tennessee.

You can have this jewelry, why don’t you take it?

Next year’s milestone show will be full of educational programming and collaborations.

Sales experts and a diamantaire share their best advice on how to send customers home with diamond jewelry.

The brand has released five new collections.

The Albany Business Review recently honored the 100-year-old company.

To honor his legacy, GIA has set up a scholarship in his name.

There have been eight attacks in the last month, spanning from a jewelry store parking lot in Rhode Island to highways in California.

These 15 pieces of jewelry celebrate November babies and the hues of citrine and topaz that reflect the colors of the season.

The jewelry manufacturer said it can now better serve the North American market.

The jewelry brand takes viewers through a virtual winter wonderland set in New York City.

The organization recognized outstanding industry players at its celebratory event.

India’s voluntary moratorium on rough diamond imports coupled with a stunted recovery in China continue to impact the miner.

Emmanuel Raheb outlines three reasons why Hulu advertising and football can be a game changer for your jewelry store’s marketing.