Sourcing

De Beers’ Rough Diamond Sales Dip to Pandemic Lows

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.

Stock image of rough diamonds from De Beers
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 … 
 
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

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Emmanuel Raheb
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy