Although reports indicate that U.S. retailers are still being cautious with their buying, De Beers Group saw its rough diamond sales improving during the second sales cycle of 2024.The proceeds include the sight, which took place in Gaborone from February 26th-March 1st, as well as auction sales.
De Beers sales totaled $430 million, which marks a 15 percent increase when compared to the previous first round of sales cycle of 2024 which raked in $374 million. However, when compared to the same period last year, the sales indicates a 13 percent decline from $497 million recorded in 2023
Nonetheless, this is the third sales cycle in a row in which DeBeers’ sales have increased. Year-to-date, the company’s rough diamond sales have totaled $804 million, compared with $951 million in 2023.
This recovery in diamond sales follows a tough year of weaker demand in which sales dipped as low as $86 million as Indian diamond cutting industry even pushed for imposing a two-month ban on rough diamond imports due to the excessively abundant supply in the midstream.
Pleased with a further increase in demand for De Beers precious stones, chief executive officer, Al Cook expects rough diamond sales to continue to increase gradually in 2024.
“However, ongoing economic uncertainty in the U.S. has led to retailers restocking conservatively after the 2023 holiday season. Consumer demand for diamond jewelry is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year,” said Cook.
De Beers’ next sight which will be the third one is scheduled to run from April 2nd to 5th.The most recent financial results realised by DeBeers indicated that their revenue went down by 36 percent to $4.3 billion in 2023 from $6.6 billion in 2022 while sales volume decreased by 19 percent to 24.7 million carats.
