De Beers Resumes Rough Online Sales Events
January 10, 24
(IDEX Online) - De Beers is resuming its rough diamond sales events next week for the first time since last September.
The UK-based miner cancelled its online auctions - which account for all non-Sightholder sales - during its 9th and 10th sales cycles as demand slumped globally.
It is now re-introducing these sales, although most goods will now be sold through a new channel called Offer, which will operate more like a tender than an auction.
Al Cook, CEO, said at the time that De Beers was suspending the auctions to help "re-establish equilibrium between wholesale supply and demand".
The first rough sales events of 2024 will take place from 16 to 18 January.
During cycle 8 last year, De Beers sold just $200m, the second lowest figure since it started reporting Sight totals in 2016.
Auctions have accounted for around 10 per cent of its rough sales and have 950 registered buyers. Sights account for 90 per cent.
De Beers Group's total rough diamond sales during 2023 were $3.63 bn, down 37 per cent on 2022.
Pic from De Beers' forthcoming rough auction.