The De Beers Group has published the results of its ninth sales cycle, recording the lowest sales since the beginning of the COVID-19 pandemic.
The ninth cycle occurred between 4 October and 3 November and returned just $US90 million ($AU140.4 million), a sharp decline from the $US454 million ($AU708.6 million) generated in the corresponding cycle a year ago.
De Beers CEO Al Cook said that the diamond industry faces various pressures.
“Macroeconomic challenges continue to affect the diamond sector. The retail recovery in China remains slow,” he said.
“The voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world’s largest diamond cutting centre.”
In October, De Beers suspended all online rough auctions for the remainder of the year. Rival diamond miner Alrosa cancelled its September and October allocations to ease oversupply pressure.
“In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023,” Cook continued.
“De Beers maintained support for its sightholders with full purchase flexibility as the midstream re-establishes an equilibrium between wholesale supply and demand.”
De Beers hosts ten sights each year in Botswana, with the next scheduled to begin on 4 December.
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| Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle. | Source: De Beers Group | ||
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