The diamond miner, De Beers, reported provisional rough diamond sales of $370 million in its initial sales cycle for the current year. Although this figure was lower than the $454 million recorded in the first sales cycle of 2023, it marked an improvement from the $137 million in sales documented in the tenth sales cycle of the same year.
De Beers CEO Al Cook commented on the sales performance, stating, “Solid consumer demand for diamonds in the US during the year-end holiday season has undoubtedly contributed to stabilizing the industry. We are observing an uptick in polished diamond prices, especially with the resumption of rough diamond imports into India. This has resulted in a substantial increase in demand for rough diamonds during the first sales cycle of 2024.”
Despite the positive developments, Cook acknowledged the lingering uncertainty in the economic growth prospects of major economies. He expressed caution, noting, “As the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover.”
