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Diamond Trade Remains Cautious Amid Economic Uncertainty
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
De Beers Group’s CEO said Tuesday that diamond businesses are taking a “cautious” approach to purchasing amid economic uncertainty. The company’s most recent round of rough diamond sales totaled $445 million, down 18 percent when compared with the same period last year.
Gaborone, Botswana—De Beers Group’s rough diamond sales continue to improve incrementally, though many diamond businesses are still taking a conservative approach to restocking, the company said this week.
The company’s rough diamond sales totaled $445 million in the third sales cycle of the year, which ended April 16.
That is down 18 percent compared with the third sales cycle of 2023 ($542 million) but up 3 percent from the second sales cycle ($431 million), marking the fourth sales cycle in a row in which De Beers’ sales have increased.
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The company’s rough diamond sales totaled $445 million in the third sales cycle of the year, which ended April 16.
That is down 18 percent compared with the third sales cycle of 2023 ($542 million) but up 3 percent from the second sales cycle ($431 million), marking the fourth sales cycle in a row in which De Beers’ sales have increased.
Year-to-date, De Beers sales have totaled $1.25 billion, pacing 16 percent behind last year at this point ($1.49 billion).
Commenting on the company’s third sales cycle results, CEO Al Cook said, “Many diamond businesses are continuing to take a cautious approach to purchases amidst the uncertain economic landscape and the slow pace of growth in China.
“However, we saw a further uptick in our rough diamond sales in our third sales cycle, ahead of what is usually a slower period for rough diamond demand in the second quarter of the year.”
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