De Beers' Lowest Rough Sales Since Covid
August 30, 23
(IDEX Online) - De Beers today (30 August) announced rough sales of just $370m during cycle 7, the lowest figure since the Covid pandemic.
Sales slumped to $355m in March 2020, the last cycle before lockdowns forced De Beers to suspend its Gaborone sights. When they resumed in September sales were $334m.
Today's announcement suggests there's no end in sight to the caution that has long dominated the global diamond market.
De Beers sold $411m during cycle 6, in mid-July. Sales for this cycle 7 are down 42 per cent on last year's cycle 7, when $638m was sold.
Al Cook, CEO, De Beers Group, said: "With the prevailing economic environment leading to softer end client demand for diamond jewellery in key consumer markets, and the traditionally lower levels of midstream trading during the summer period, Sightholders continued to take a prudent approach to their purchasing during the seventh sales cycle of the year."