De Beers released its preliminary financial results for 2022 on 23 February 2023. The group total revenue rose by 18 percent from $5.6 billion in 2021 to $6.6 billion in 2022, with rough diamond sales jumping 22 percent from $4.9 billion to $6 billion. The remainder came from other businesses including consumer brands and the synthetic diamond unit Element Six.
According the group, rough diamond sales volumes totalled 30.4 million carats in 2022 compared to 33.4 million carats in 2021. The average realised price rose by 35 percent to $197 per carat compared to $146 per carat in 2021, driven by growth in the rough price index, and selling a larger proportion of higher value rough diamonds in the first half of the year. The average rough price index increased by 23 percent, reflecting overall positive consumer demand for diamond jewellery, particularly in the first half of 2022.
De Beers said, early indications are that the 2022 holiday season was robust, with diamond jewellery sales remaining above pre-Covid-19 levels, though below the record level seen in 2021. However, continued softening in global macro-economic conditions could see a contraction in consumer spending and demand for diamond jewellery, which may result in lower demand for rough diamonds in the near term. This may be partly mitigated by an increase in demand for diamond jewellery in China, following the removal of Covid-19 restrictions in late 2022.
Facing 2023, De Beers continues to invest in its leading ability to provide source assurance for its diamonds at scale, underpinned by the Tracr™ blockchain platform. This proprietary technology provides an immutable record of a diamond’s provenance, a key priority for consumers, underpinning confidence in natural diamonds.
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