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
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
