De Beers Sales Sluggish but Showing Signs of Recovery

Proceeds for De Beers’ latest rough-sales cycle fell year on year to $130 million amid a general slowdown and India’s freeze on rough imports.

The total, including the November sight and auctions, was down 69% compared with the equivalent period a year ago, De Beers said Wednesday. However, it was 51% higher than October’s $86 million.

The 10th sales cycle — the last for 2023 — took place between November 9 and December 19, during which India was implementing a two-month voluntary moratorium on rough imports in an effort to restore demand.

At the sale, De Beers limited supply and allowed sightholders to purchase fewer goods.

“De Beers continued to offer lower levels of rough-diamond supply, in line with current demand,” stated CEO Al Cook. “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.”

Nonetheless, full recovery will be slow, Cook cautioned.

“Polished-diamond prices look to have stabilized as inventory levels have decreased, though we expect improvements in rough-diamond trading conditions to be gradual,” he said.