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De Beers Sales Slip in Uncertain Market

May 17, 2023  |  Joshua Freedman

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)


De Beers Sales Slip in Uncertain Market

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