SourcingOct 02, 2023
De Beers, Botswana One Step Closer to Finalizing Agreement SourcingOct 06, 2023
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.
De Beers Group’s rough diamond sales declined for the fifth straight month in September. Sales to sightholders and auction customers totaled $200 million, its lowest since the middle of 2020 when COVID hampered markets worldwide. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—De Beers Group’s rough diamond sales dropped significantly in September as the miner pulled back in response to market conditions.
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.
Related stories will be right here …
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.
More on Sourcing
The Latest
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
Policies & IssuesOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
