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
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
Weekly QuizSep 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand AmbassadorThe Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in NovemberNYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé SaleU.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to CloseA new court filing details the locations of the stores that will close, as well as the 830 that will remain open.
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”
TrendsSep 03, 2025
Amanda’s Style File: A Perfect BirthstoneSapphire’s variety of colors make it the perfect birthstone for September.
FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 SalesThe retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ CollabThe collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
FinancialsAug 29, 2025
Movado’s Q2 Sales Rebound Despite Tariff ImpactCEO Efraim Grinberg noted a resurgence in the fashion watch market.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
