De Beers rough sales improve but full recovery uncertain

De Beers Group CEO Al Cook said solid consumer demand for diamonds in the United States over the year-end holiday season has helped stabilise the industry.

“We are seeing polished diamond prices increasing again,” Cook said Wednesday when De Beers Group released the rough diamonds first cycle sales of 2024.

According to the results, De Beers sold US$370m of rough diamonds in the first cycle compared to US$420m in the same cycle in 2023.

Cook said the restart of rough diamond imports in India contributed to the increased demand in the first cycle of 2024.

He warned, however that with the prospects for economic growth in many major economies uncertain, rough diamond demand may take some time to recover fully.

De Beers Group sold US$130m worth of rough diamonds in the cycle 10 of 2023.

The Anglo-American company sold US$80m worth of rough diamonds for circle 9, which covers the period 4 October to 3 November 2023.

In cycle 8, from 18 September to 3 October 2023, the rough diamond sales were US$200m, while in cycle 7, between 14 and 29 August 2023, the sales were US$370m.

Between 10 and 25 July 2023 (cycle 6), De Beers earned US$410m from rough diamond sales, and between 5 and 20 June 2023 (cycle 5), the company made US$450m.

Between 1 May and 16 May (cycle 4), rough diamond sales were US$480m, down from US$540m in cycle 3 from 27 March until 11 April 2023.

In cycle 2 (20 February and 7 March 2023), the sales were US$495m; in cycle 1 (16 to 31 January), De Beers recorded US$450m.

In 2022, De Beers enjoyed massive sales with US$660m earned in cycle 1, US$650m in cycle 2, US$650m in cycle 3, US$604 in cycle 4, US$650m in cycle 5, US$630m in cycle 6; US$630m in cycle 7; US$500m in 8eight and US$450m in cycle 9.