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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
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.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
