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De Beers Upbeat Despite Sales Slowdown at Sight

April 13, 2023  |  Joshua Freedman

De Beers enjoyed solid rough demand at its latest sight as the Chinese market gradually reopened, even though the sale yielded less revenue than a year earlier.

The third sight of 2023 brought in $540 million — 4.6% less than the $566 million De Beers saw in the equivalent period last year, the miner reported Wednesday. The total was 9% higher than this year’s second sales cycle, which grossed $497 million.

The latest figure covers the sight that ran from March 27 to 31, as well as auction revenues. The company holds 10 sights a year in Gaborone, Botswana.

“We have continued to see good demand for our rough diamonds over the third sales cycle of the year as we move into the second quarter of 2023,” said De Beers CEO Al Cook. “Sales were in line with expectations, and we continue to see some encouraging positive trends in consumer demand for diamond jewelry — not least in China, where we’re beginning to see some signs of recovery in consumer confidence following the relaxation of travel restrictions.”

The company kept prices mostly stable relative to the previous sight, market sources told Rapaport News. This followed successive price increases for small diamonds at the first two trading sessions of the year.

Image: A 25-carat rough diamond at De Beers’ offices in Calgary, Canada. (Ben Perry/Armoury Films/De Beers)


De Beers Upbeat Despite Sales Slowdown at Sight

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