De Beers Sales: Modest Increase to $430m
March 17, 24
(IDEX Online) - De Beers saw modest signs of an ongoing recovery with rough sales hitting $430m at its second sight of the year (26 February - 1 March) in Gaborone, Botswana.
That's a 15 per cent increase on the first sight ($374m) but down 13 per cent on the same period last year. Sales dipped to $86m ad $137m during the last two sights of 2023.
Demand is growing in India, but China's post-Covid recovery is slower than many anticipated, and US retailers remain cautious.
Al Cook, CEO, De Beers Group, said: "I'm pleased to see a further increase in demand for De Beers rough diamonds during the second sales cycle of 2024. However, ongoing economic uncertainty in the US has led to retailers restocking conservatively after the 2023 holiday season.
"Consumer demand for diamond jewellery is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year."
Pic courtesy De Beers.