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News & Highlight


De Beers Sales Declines Under Market Uncertainty

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




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