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De Beers August Sight Hits Lowest Sales Since Covid

De Beers announced its rough diamond sales (Global Sightholder Sales and Auctions) for the seventh sales cycle of 2023 on 30 August which is totalled $370 million, hitting the lowest figure since the Covid pandemic amid a slowdown in the market.


The August sales slumped 42 percent compared to the same period in 2022 and 10 percent from July 2023 when sales were $411 million. The sales in March 2020 were $355 million, the last cycle before lockdowns forced De Beers to suspend its Gaborone sights in Botswana. When they resumed in September, sales were $334 million.


Al Cook, CEO of De Beers said: “With the prevailing economic environment leading to softer end client demand for diamond jewellery in key consumer markets, and the traditionally lower levels of midstream trading during the summer period, sightholders continued to take a prudent approach to their purchasing during the seventh sales cycle of the year.”


At its previous sight in July, the miner lowered prices for many 0.75-carat and larger goods. It told customers earlier in August that for the year’s remaining three sights from September to December it would let them defer up to half of their 1-carat and larger purchases until early 2024 due to weak consumer demand. (Photo courtesy: De Beers)



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