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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
