The world’s largest diamond mining company, the De Beers Group, has reported improving results from the first sales cycle of the year.
Sales in January reached $US370 million ($AU562.7 million) for De Beers, a 19 per cent decline from the previous year.
While the results were lower than average, this marked a notable improvement from sales in the past year’s final cycle, which totalled just $US137 million ($AU208.3 million).
CEO Al Cook said these results offered the industry cause for optimism.
“Solid consumer demand for diamonds in the US over the year-end holiday season has certainly helped to stabilise the industry, and we are seeing polished diamond prices increasing again,” he said.
“Combined with the restart of rough-diamond imports into India, this has led to demand for rough diamonds increasing substantially in the first sales cycle of 2024.”
The opening sales cycle occurred in Botswana between 15-19 January, with the second expected to run from 26 February through 1 March.
Cook said that while these results improved recent sales, recovery was expected to be a gradual process.
“As the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough-diamond demand to fully recover,” he added.
De Beers completes ten sales cycles each year.
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