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De Beers Sales Reach New Low Since Covid-19

De Beers announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the ninth sales cycle of 2023 between 4 October and 3 November. The total value was down 82 percent compared with the equivalent period a year ago and was the lowest since the peak of the Covid-19 crisis in 2020. Sales fell 60 percent from September’s $200 million.


Al Cook, CEO of De Beers, said: “Macro-economic challenges continue to affect the diamond sector. The retail recovery in China remains slow. And the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world’s largest diamond cutting centre. In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023. De Beers maintained support for its sightholders with full purchase flexibility as the midstream re-establishes an equilibrium between wholesale supply and demand.”


De Beers has kept rough diamond prices stable at its recent sights after reducing them earlier this year. The group is scheduled to inform sightholders of its 2024 allocations later in November. (Photo courtesy: De Beers)




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