The De Beers Group has reported a sixth consecutive decrease in sales after the conclusion of the latest cycle on 25 July.
Sales reached $US410 million ($AU615.5 million) for the sixth cycle. That’s a 36 per cent decrease from the same period in 2022, at which sales reached $US638 million ($AU957.8 million).
The latest results are also a 10 per cent decrease from the fifth cycle in June, at which sales reached $US450 million ($AU675.1 million).
CEO Al Cook said these results were in accordance with expectations.
“In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle of the year,” he said.
“Participants in the diamond industry’s midstream sector continue to take a cautious approach to purchases in light of ongoing macroeconomic challenges.”
The next De Beers sight is scheduled for 14-18 August.
Lightbox under the microscope
In June, Lightbox Jewelry – the De Beers-owned lab-created diamond jewellery brand – made waves with a trial of engagement rings.
In an interview with Rapaport News, De Beers chief financial officer Sarah Kuijlaars said that the company still views natural and lab-created diamonds as distinct categories.
“We knew that lab-created would make inroads in the US. I think against that tougher macro background it’s understandable that consumers [are] making different choices. But we still firmly support the differentiation of the market,” Kuijlaars said.
“[They are] different products [and] different markets. And I think what’s interesting is that that there are elements of lab-created that [are] actually supporting the expansion of the overall jewellery market, which is healthy [for] everyone.”
The Lightbox collection consists of 16 rings featuring lab-created diamonds, including white and blue diamonds, with prices ranging from $AU895 to $AU8,950.
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