De Beers reports lower sales as Rough Diamond availability is reduced amid lower Demand

De Beers reports lower sales as Rough Diamond availability is reduced amid lower Demand

The value of De Beers’ rough diamond sales for the eighth sales cycle of this year decreased to a provisional $200-million, as the diamond miner reduced its rough diamond availability in light of the industry’s midstream working to rebalance certain areas of stock accumulation.

De Beers sold $508-million of rough diamonds during the eighth sales cycle of 2022 and $370-million of rough diamonds in the seventh sales cycles of this year.

Sightholder and auction sales for this year have generated lower values than in 2022, with a tough economic environment having resulted in softer end-client demand for diamond jewellery in key consumer markets.

“De Beers will continue to support its sight holders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights 9 and 10 of 2023, suspending De Beers Group online rough diamond auctions for the remainder of this year and investing an additional $20-million in natural diamond marketing to help drive consumer demand during the holiday season,” says De Beers CEO Al Cook

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