De Beers announced the value of rough diamond sales for the fourth sales cycle of 2023 on 17 May. The gross sales value was $480 million, declined by 21 percent compared to the equivalent period in 2022.
The sales dropped 11 percent compared with this year’s third cycle, reflecting a seasonal slowdown, De Beers said. Most of the proceeds were from the May sight in Gaborone, Botswana, with a minority coming from auction sales.
Al Cook, CEO of De Beers said: “Sales of our rough diamonds in the fourth sales cycle of the year saw a small decrease from the previous cycle as the industry has entered what is traditionally a seasonally quieter period. Rough diamond demand was also influenced by ongoing macroeconomic uncertainty and a slower pace of recovery in consumer demand from China than was widely anticipated.”
The rough diamond market has experienced a tough May as manufacturers reduce production and inventory. De Beers merged its May and July auctions in response to the conditions, while Okavango Diamond Company (ODC) saw a number of items unsold at its spot auction. (Photo courtesy: De Beer
23-05-2023
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