De Beers Rough Sales Hit Two-Year Low
July 26, 23
(IDEX Online) - De Beers today announced a further steep drop in rough sales, down almost 36 per cent year-on-year for cycle 6 to $410m, amid ongoing midstream caution.
It's the lowest figure for any De Beers cycle since May 2021, when it recorded sales of $380m.
Prices of stones over 2-cts were reportedly reduced by as much as 20 per cent at the sight in Gaborone earlier this month.
De Beers' sales dropped by just over 31 per cent last month at cycle 5, down to $456m.
Al Cook, CEO of De Beers, said: "In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle of the year. Participants in the diamond industry's midstream sector continue to take a cautious approach to purchases in light of ongoing macroeconomic challenges."
De Beers does not comment on price information.
Pic courtesy De Beers