SourcingJun 10, 2024
State of the Diamond Industry: Botswana Beyond DiamondsSourcingMay 24, 2024
De Beers’ Sales Slide in Fourth Round of Sales This Year
The company sold $380 million in rough diamonds, compared with $479 million in the same period last year.
De Beers Group’s latest round of rough diamond sales totaled $380 million, down 21 percent year-over-year. The company expects natural diamond sales to remain challenging in the near future but anticipates an uptick in engagements in the coming years. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—De Beers Group’s rough diamond sales declined in the fourth sales cycle of the year, falling 21 percent year-over-year.
The company reported Thursday that its latest round of sales totaled $380 million, down from $479 million in the fourth sales cycle of 2023.
De Beers’ sales also fell 15 percent in comparison with the third sales cycle of 2024, when they totaled $446 million.
Year-to-date, De Beers sales fell slightly more behind last year following the fourth sales cycle.
The company’s rough diamond sales are now 17 percent lower than they were at this time last year, totaling $1.63 billion compared with $1.97 billion a year ago.
The slowdown, which CEO Al Cook explained as seasonal in part, comes as De Beers faces myriad issues, including competition from lab-grown diamonds, the complications caused by Russia’s war in Ukraine and the subsequent sanctions on Russian diamond miner Alrosa, and an uncertain future when it comes to corporate ownership.
Earlier this month, De Beers’ parent company Anglo American confirmed reports that it is looking to offload the diamond miner and marketer as it turns its attention to “green” energy commodities, like copper.
Related stories will be right here …
The company reported Thursday that its latest round of sales totaled $380 million, down from $479 million in the fourth sales cycle of 2023.
De Beers’ sales also fell 15 percent in comparison with the third sales cycle of 2024, when they totaled $446 million.
Year-to-date, De Beers sales fell slightly more behind last year following the fourth sales cycle.
The company’s rough diamond sales are now 17 percent lower than they were at this time last year, totaling $1.63 billion compared with $1.97 billion a year ago.
The slowdown, which CEO Al Cook explained as seasonal in part, comes as De Beers faces myriad issues, including competition from lab-grown diamonds, the complications caused by Russia’s war in Ukraine and the subsequent sanctions on Russian diamond miner Alrosa, and an uncertain future when it comes to corporate ownership.
Earlier this month, De Beers’ parent company Anglo American confirmed reports that it is looking to offload the diamond miner and marketer as it turns its attention to “green” energy commodities, like copper.
In commenting on the results, Cook pointed to quieter trading in India because of the elections—the country’s general elections are taking place now through June 1—and said short-term macroeconomic issues are going to continue to hamper natural diamond demand in the United States.
However, he expects the engagement ring market to pick up in the coming years as relationships that started post-pandemic blossom into engagements.
De Beers announced this week that it is collaborating with Signet Jewelers on a marketing campaign that will roll out in Q3 targeting “zillennials,” those born on the cusp of the millennial generation (1981-1996) and Generation Z (1997-2012), with natural diamond messaging.
Cook said, “As expected, De Beers’ rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections.
“The focus of the global diamond industry now turns towards the JCK jewelry show in Las Vegas at the end of May. Demand trends in the U.S. are expected to be driven by short-term macroeconomic issues but supported in coming years by a recovery in engagements as the after-effects of pandemic lockdowns fade.”
More on Sourcing
The Latest
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
Weekly QuizMay 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14% The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
