De Beers Rough Sales Dip to $380m
May 23, 24
(IDEX Online) - De Beers today (23 May) reported a dip in rough sales to $380m during its fourth cycle of the year. That's down 15 per cent on cycle three, and 20 per cent on the same period last year.
The loss-making UK-based miner said quieter trading in India during its prolonged elections (19 April to 1 June) was partly to blame.
The future of De Beers is currently the focus of intense speculation after parent company Anglo American - itself the subject of a possible takeover bid - revealed plan to sell off the iconic miner.
De Beers has lowered its production targets and is implementing $100m of budget cuts as it battles an ongoing economic downturn, a surge in lab grown sales and a slower-than-expected in the Chinese market.
Total sales for the first four sights of 2024 are down 17 per cent on those of 2023.
De Beers Group CEO Al Cook said: "As expected, De Beers' rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections.
"The focus of the global diamond industry now turns towards the JCK jewellery show in Las Vegas at the end of May.
"Demand trends in the US are expected to be driven by short term macroeconomic issues but supported in coming years by a recovery in engagements as the after-effects of pandemic lockdowns fade."
Pic of rough diamonds, courtesy De Beers.