De Beers Sells $445m Amid Ongoing Uncertainty
April 17, 24
(IDEX Online) - De Beers today (17 April) reported $445m of rough sales (provisional figure) during its third cycle of the year, a very slight increase on $431m at its second cycle.
Ongoing economic uncertainty, together with a slow post-Covid recovery in China, have seen 2024 sales at lower levels than 2023.
Third cycle sales this year are 18 per cent down on last year ($542m).
But sales have been rising, albeit slowly, during every successive cycle since hitting rock bottom last October (cycle 9) at $86m.
"Many diamond businesses are continuing to take a cautious approach to purchases amidst the uncertain economic landscape and the slow pace of growth in China," said De Beers Group CEO Al Cook.
"However, we saw a further uptick in our rough diamond sales in our third sales cycle, ahead of what is usually a slower period for rough diamond demand in the second quarter of the year."