Policies & IssuesDec 20, 2023
Lab-Grown Diamonds, Finished Jewelry to Fall Under G7 Ban, EU Says SourcingDec 21, 2023
De Beers’ Rough Diamond Sales Down 37% YOY
The company was up against tough comps and had to curtail sales as diamond demand waned.
De Beers Group sold $130 million worth of rough diamonds in its 10th and final sales cycle of the year (Nov. 9-Dec. 19). It finished the year with a rough diamond sales total of $3.63 billion, compared with $5.80 billion in 2022.
Gaborone, Botswana—De Beers Group finished 2023 with rough diamond sales totaling $3.63 billion, down 37 percent when compared with 2022.
The company faced tough comparables—2022 sales neared $6 billion, the company’s strongest showing in four years—and softer-than-expected demand due to inflation and the sluggish Chinese market.
De Beers holds 10 “sales cycles” per year, and the total for each generally includes sales of rough diamonds made to both sightholders and online auction customers.
Sales began declining steadily in the fourth sales cycle (May 1-16) and in the eighth (Sept. 18-Oct. 3), De Beers began pulling back on sales in earnest.
It canceled the remainder of its online auctions for the year and announced it was giving sightholders full flexibility on purchases in sights 9 and 10.
In mid-September, the company also announced plans for a $20 million marketing campaign for natural diamonds using the iconic “A Diamond Is Forever” tagline.
Related stories will be right here …
The company faced tough comparables—2022 sales neared $6 billion, the company’s strongest showing in four years—and softer-than-expected demand due to inflation and the sluggish Chinese market.
De Beers holds 10 “sales cycles” per year, and the total for each generally includes sales of rough diamonds made to both sightholders and online auction customers.
Sales began declining steadily in the fourth sales cycle (May 1-16) and in the eighth (Sept. 18-Oct. 3), De Beers began pulling back on sales in earnest.
It canceled the remainder of its online auctions for the year and announced it was giving sightholders full flexibility on purchases in sights 9 and 10.
In mid-September, the company also announced plans for a $20 million marketing campaign for natural diamonds using the iconic “A Diamond Is Forever” tagline.
De Beers moved $200 million in rough in sales cycle 8 (mid-September through early October), compared with $508 million in the prior-year period; and only $86 million in sales cycle 9, compared with $454 million.
In its 10th and final sales cycle of the year (early November through mid-December), rough diamond sales totaled $130 million, down 69 percent compared with $417 million in the same period last year but up 51 percent when compared with sales cycle 9.
On Wednesday, De Beers CEO Al Cook said there are signs the supply-demand balance is returning and polished diamond prices are stabilizing as wholesalers sell through more of their inventory.
Still, he said he expects the recovery in rough diamond trading conditions to be “gradual.”
More on Sourcing
The Latest
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
Weekly QuizOct 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful ShowThe month’s birthstones, tourmaline and opal, complement the palette of autumn.
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-ReflectionSmith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From VicenzaoroAssociate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.
SurveysOct 01, 2025
Consumer Confidence Hits 5-Month Low in September Respondents were concerned about job availability and rising prices.
SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.
MajorsSep 30, 2025
Pandora CEO to Retire in 2026, Hand Reins to CMO Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.
CrimeSep 30, 2025
2 Suspects Charged in $300K Sleight-of-Hand Jewelry Store ScamTwo men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.
CollectionsSep 30, 2025
Billie Eilish, Finneas Partner with John HardyThe “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.
IndependentsSep 30, 2025
Spinelli Kilcollin Announces Residency in DallasThe brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65She was remembered as a creative and generous woman of faith, who also had a sweet tooth.
