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

U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.

Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

Ten organizations were selected this year.

Supplier Spotlight Sponsored by GIA

Kim Carpenter and Sam Gevisenheit have joined the brand.


“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Six new retail businesses were selected for the 2025 program, which began in January.

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Sponsored by the Gemological Institute of America

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The company failed to file its quarterly reports in a timely manner.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.