Gradual Improvement: De Beers Sells $130m
December 21, 23
(IDEX Online) - De Beers reported rough diamond sales of $130m of during its last sight of the year, as the polished market started to show some signs of recovery.
The UK-based miner expressed cautious optimism that rough trading conditions were gradually improving.
Average sales across all 10 cycles this year were $362m. So despite a 51 per cent increase from October's record low of $86m, November sales remain very slow (down 69 per cent on $417m in November 2022).
But the markets are picking up, with supplies squeezed by the two-month voluntary ban on rough purchases (which ended on 15 December and was widely observed) and temporary self-imposed halts on sales by Alrosa and Okavango.
Al Cook, CEO of De Beers Group, said: "In the final sales cycle of 2023, De Beers continued to offer lower levels of rough diamond supply, in line with current demand. As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand.
"Polished diamond prices look to have stabilised as inventory levels have decreased, though we expect improvements in rough diamond trading conditions to be gradual."
Pic courtesy De Beers