De Beers’ rough revenues declined at the company’s fourth sales cycle of the year as the global diamond market faltered amid shaky US and Chinese retail demand.
The trading session grossed $480 million — 21% less than in the equivalent period of 2022, the miner reported Wednesday. Sales dropped 11% compared with this year’s third cycle, reflecting a seasonal slowdown, management said. Most of the proceeds were from the May sight in Gaborone, Botswana, with a minority coming from auction sales.
“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,” said De Beers CEO Al Cook.
The rough market has had 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.
Source: De Beers’ Orapa mine in Botswana. (Ben Perry/Armoury Films/De Beers)