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News & Highlight


De Beers Sales Show Signs of Recovery

De Beers announced the value of rough diamond sales for the tenth sales cycle of 2023 recently. Total value generated from the sales was $130 million, down 69 percent compared to the equivalent period in 2022 while 51 percent higher than the ninth sales cycle’s $86 million which was recorded in October 2023.


The provisional rough diamond sales figure quoted for cycle 10 represents the expected sales value for the period between 9 November and 19 December in 2023 and remains subject to adjustment based on final completed sales. During the sales, India was implementing a two-month voluntary moratorium on rough imports in an effort to restore demand.


Al Cook, CEO of De Beers, said: “In the final sales cycle of 2023, De Beers continued to offer lower levels of rough diamond supply, in line with current demand. As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand. Polished diamond prices look to have stabilised as inventory levels have decreased, though we expect improvements in rough diamond trading conditions to be gradual.” (Photo courtesy: De Beers)



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