De Beers reported a total of $430 million in proceeds from its second rough-sales cycle of the year, showing a 13% decline compared to the same period in 2023.
However, this figure marks a 15% increase from its first sight of the year and a significant improvement from the final sight of 2023.
Although below average for this time of year, the recent sales indicate a recovery, especially driven by increased demand in the diamond-jewelry market in India.
Retail segments in other top countries remain slow, with economic uncertainty affecting restocking in the US and sluggish demand in China.
De Beers CEO Al Cook acknowledged the gradual nature of the market’s return to normalcy, citing ongoing economic uncertainties.
Despite challenges, he expressed optimism about the gradual recovery in rough-diamond demand throughout the year.
The reported figures encompass the recent sight held in Botswana and auction sales, with the next sight scheduled for April 2 to 5.
De Beers’ overall performance in 2023 saw a decline in revenue, sales volume, and average price per carat, prompting its parent company, Anglo American, to issue significant write-downs on De Beers’ value.
