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
The Latest
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
