Sourcing

De Beers Says Retailers Are ‘Restocking Conservatively’

SourcingMar 14, 2024

De Beers Says Retailers Are ‘Restocking Conservatively’

The company’s rough sales improved for the third sales cycle in a row.

Stock image of rough diamonds mined by De Beers
Rough diamond sales totaled $430 million in De Beers Group’s second cycle of sales for 2024, compared with $497 million in the same time period last year. (©De Beers Group/Photo credit: Ben Perry, Armoury Films)
Gaborone, Botswana—De Beers Group’s rough diamond sales improved again in February, though the company’s CEO noted that U.S. retailers are still being cautious with their buying.   

During its second sales cycle of 2024, De Beers sales totaled $430 million, down 13 percent when compared with the same period last year ($497 million) but up 15 percent compared with the first round of sales in 2024, which totaled $374 million.  

It is the third sales cycle in a row in which De Beers’ sales have increased.  

Year-to-date, the company’s rough diamond sales have totaled $804 million, compared with $951 million in 2023.  

 Related stories will be right here … 

The recovery follows a year in which sales dipped as low as $86 million as Indian industry leaders called for a two-month ban on rough diamond imports due to the glut of supply in the midstream. 

De Beers CEO Al Cook expects rough diamond sales to continue to increase gradually in 2024. 

He said, “I’m pleased to see a further increase in demand for De Beers rough diamonds during the second sales cycle of 2024. 

“However, ongoing economic uncertainty in the U.S. has led to retailers restocking conservatively after the 2023 holiday season. Consumer demand for diamond jewelry is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year.  

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