EditorsJun 17, 2024
Q&A: Al Cook on the Future of De BeersSourcingJun 27, 2024
De Beers’ Rough Diamond Sales Sink 31%
The company sold $315 million in rough in the fifth sales cycle of the year, down from $456 million in the same period last year.
Rough diamonds from De Beers’ Gahcho Kue diamond mine in Canada. The company’s most recent round of rough diamond sales brought in $315 million, down by double-digits both year-over-year and cycle-to-cycle. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—Rough diamond sales remained slow in the fifth sales cycle of the year for De Beers Group, with the company’s CEO saying he expects the recovery in demand to take time.
The diamond miner and marketer reported Wednesday that rough diamond sales in its fifth sales cycle of 2024 totaled $315 million, down 31 percent from $456 million in cycle 5 2023, and down 18 percent from the previous sales cycle ($383 million).
De Beers’ 2024 rough diamond sales are now about 20 percent behind where they were at this time last year.
Year-to-date, the company has sold $1.95 billion in rough, compared with $2.43 billion following the fifth sales cycle of 2023.
In the company’s statement on its latest rough diamond sales, CEO Al Cook noted that sales generally slow down when it is summer in the Northern Hemisphere.
Cook also acknowledged, however, that diamond demand is in a slump and will take some time to recover, due in part to the slowdown in sales in China.
He said, “The recent annual JCK jewelry show in Las Vegas confirmed a resurgence in retailers’ interest in natural diamonds in the United States but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand.”
A U-shaped recovery typically refers to a type of economic slowdown in which the return to previous levels of activity takes longer, as opposed to a V-shaped recovery in which the economy rebounds more quickly.
While the slowdown in demand in China has taken its toll, natural diamonds also have lost market share to lab-grown diamonds.
In his most recent market update, published in late May, industry analyst Edahn Golan said in the month of April, 45 percent of diamond engagement rings sold by specialty jewelers were set with lab-grown diamonds.
He did, however, question whether this trend will continue as lab-grown diamond prices fall.
Golan wrote, “Once most lab-grown diamonds are D [color]/FL [clarity] with excellent makes, the only characteristic that will command a higher price will be their size. From a practical standpoint, that has a limit too.
“I can’t imagine many women choosing to wear a 15-carat solitaire ring daily, no matter how much it cost them. So, at some point, lab-grown diamonds just won’t cost enough for an engagement ring, and Americans will most likely gravitate away from them.”
Related stories will be right here …
The diamond miner and marketer reported Wednesday that rough diamond sales in its fifth sales cycle of 2024 totaled $315 million, down 31 percent from $456 million in cycle 5 2023, and down 18 percent from the previous sales cycle ($383 million).
De Beers’ 2024 rough diamond sales are now about 20 percent behind where they were at this time last year.
Year-to-date, the company has sold $1.95 billion in rough, compared with $2.43 billion following the fifth sales cycle of 2023.
In the company’s statement on its latest rough diamond sales, CEO Al Cook noted that sales generally slow down when it is summer in the Northern Hemisphere.
Cook also acknowledged, however, that diamond demand is in a slump and will take some time to recover, due in part to the slowdown in sales in China.
He said, “The recent annual JCK jewelry show in Las Vegas confirmed a resurgence in retailers’ interest in natural diamonds in the United States but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand.”
A U-shaped recovery typically refers to a type of economic slowdown in which the return to previous levels of activity takes longer, as opposed to a V-shaped recovery in which the economy rebounds more quickly.
While the slowdown in demand in China has taken its toll, natural diamonds also have lost market share to lab-grown diamonds.
In his most recent market update, published in late May, industry analyst Edahn Golan said in the month of April, 45 percent of diamond engagement rings sold by specialty jewelers were set with lab-grown diamonds.
He did, however, question whether this trend will continue as lab-grown diamond prices fall.
Golan wrote, “Once most lab-grown diamonds are D [color]/FL [clarity] with excellent makes, the only characteristic that will command a higher price will be their size. From a practical standpoint, that has a limit too.
“I can’t imagine many women choosing to wear a 15-carat solitaire ring daily, no matter how much it cost them. So, at some point, lab-grown diamonds just won’t cost enough for an engagement ring, and Americans will most likely gravitate away from them.”
De Beers currently reports rough diamond sales results on a monthly basis but announced in Las Vegas that it will be downshifting to quarterly reporting starting in the second half of the year.
The change is one of a number of updates the company announced in Las Vegas as part of “Origins,” its new strategy aimed at cutting costs, streamlining the business, and focusing on natural diamonds, all in an effort to make it more attractive to potential investors or new owners.
Mining giant Anglo American currently holds an 85 percent stake in De Beers, while the government of Botswana owns the remaining 15 percent.
In May, Anglo American confirmed publicly that it is looking to either divest or demerge De Beers, a move expected to have big implications for the diamond industry as a whole.
Cook said in an interview with National Jeweler in Las Vegas that the Anglo American divestment/demerger is expected to take about 18 months.
More on Sourcing
The Latest
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
