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
IndependentsDec 10, 2024
Sauer Opens First U.S. StoreThe Brazilian jewelry brand made a home on New York City’s Madison Avenue with exclusive pieces only available at the location.
SurveysDec 10, 2024
Jewelry Among Top Sellers on Cyber Monday, Says AdobeAn Adobe Analytics report explored the rise in mobile shopping, the popularity of Buy Now Pay Later options, and peak shopping hours.
Events & AwardsDec 10, 2024
AGTA Launches Scholarship for University of Arizona Geosciences StudentsThe inaugural Dick Greenwood Memorial Scholarship in Gems Science will cover the fall 2025 and spring 2026 semesters.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
Events & AwardsDec 10, 2024
JA New York To Debut 2 New Pavilions at Spring 2025 ShowA Piazza Italia pavilion will feature Italian designers and manufacturers while “MJSA Showcase” brings over a piece of the MJSA Expo.
Weekly QuizDec 05, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsDec 09, 2024
Ray Griffiths’ First Coffee Table Book Spans 5 Decades of Design“Ray Griffiths: The Works” tells the story of the master jeweler’s career, which started with an apprenticeship in Australia at age 15.
MajorsDec 09, 2024
Thomas Davis, Grant Mobley Join WJA Foundation Board Davis is the director of business development at Select Jewelry Inc., and Mobley is the jewelry and watch editor at the Natural Diamond Council.
Brought to you by
Protecting Your Sparkle: Why Screening Has Become Essential While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
FinancialsDec 09, 2024
Movado’s Q3 Sales Down 3% Amid ‘Challenging’ EnvironmentThe retailer has been upping its marketing spend to drive revenue growth and brand awareness.
IndependentsDec 06, 2024
After 44 Years in Business, This Wisconsin Independent Is ClosingMike Straub and John Treiber opened Treiber & Straub in 1980 with the goal of bringing Milwaukeeans the best jewelry brands.
TrendsDec 06, 2024
Pantone’s Color of the Year Is a Delicious MousseThe color for 2025, “Mocha Mousse,” embodies thoughtful indulgences and everyday pleasures.
CollectionsDec 06, 2024
Piece of the Week: Cocoerow Fine Jewelry’s ‘Kokoro’ PendantThe Yoruba word for ant, “Kokoro” embodies the strength of womanhood in ant society while highlighting responsible sourcing.
FinancialsDec 06, 2024
Roberto Coin Acquisition Gives Watches of Switzerland a Boost in H1The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
FinancialsDec 05, 2024
Signet Jewelers’ Q3 Sales Slide Amid Slow Engagement Ring Sales, Tech IssuesThe jewelry retailer addressed the lab-grown diamond “disruption,” the price of gold, and its holiday weekend performance.
SurveysDec 05, 2024
Consumer Confidence Rises Again in NovemberA more positive view of the current labor market boosted the Conference Board’s index last month.
Events & AwardsDec 05, 2024
Michael S. Krzemnicki to Receive 2024 Bonanno AwardThe director of the Swiss Gemmological Institute (SSEF) will be honored for his impact on gemology and dedication to advancing the science.
Supplier BulletinDec 05, 2024
Join Us For Color's Premier Show: 2025 AGTA GemFair TucsonSponsored by 2025 AGTA GemFair Tucson
Events & AwardsDec 05, 2024
BIJC Announces 2024 ‘Rock the Jewels’ Awards WinnersAt the annual event, in its second year, the organization honored those making remarkable contributions to the jewelry industry.
TrendsDec 05, 2024
Amanda’s Style File: A Blue, Blue, Blue Month Celebrate December babies with 20 pieces of jewelry featuring this month’s birthstones—turquoise, tanzanite, and zircon.
SurveysDec 04, 2024
In-Store Shopping Outpaced Online Over the Holiday Weekend, Says NRF A total of 126 million consumers shopped in stores over the five-day period, about 5 million more than last year.
Lab-GrownDec 04, 2024
GJEPC Says Indian Trade Will Use FTC-Approved Terminology for Lab-Grown DiamondsThe FTC’s Jewelry Guides require “clear and conspicuous” disclosure when advertising lab-grown diamonds.
AuctionsDec 04, 2024
30-Carat Pink Diamond Fetches $2.6M at BonhamsThe Type IIa, very light pink colored diamond was the highlight of the recent Hong Kong jewelry auction.
CrimeDec 03, 2024
Man Sentenced to Life in Prison for Murder of Florida JewelerJohn Willard Craiger, 83, fatally shot jeweler Ghazi “Gus” Michel Osta following an argument in the store.
ColumnistsDec 03, 2024
Peter Smith: How a Leadership Hire Can Make or Break a CompanyIn his latest column, Smith provides a list of questions every business needs to be asking their next potential leader.
WatchesDec 03, 2024
Jaeger-LeCoultre and Vacheron Constantin Appoint New CEOsJérôme Lambert returns as CEO of Jaeger-LeCoultre, while Laurent Perves takes the lead role at Vacheron Constantin.
MajorsDec 03, 2024
Neiman Marcus’ ‘Fantasy Gifts’ Sparkle In Pavé This Holiday SeasonThe extravagant gifts in this year’s “A Neiman’s Fantasy” Holiday Book range from a Messika diamond necklace to pavé diamond cowboy boots.
IndependentsDec 02, 2024
Windsor Jewelry Closing After 105 YearsOwners Greg and Lynn Bires are heading into retirement.
