De Beers Rough Sales Dip to $315m
June 26, 24
(IDEX Online) - De Beers suffered another dip in rough sales - down to a provisional $315m - during its June cycle.
That's the lowest figure of the five sales cycles so far this year and is 31 per cent less than the same period in 2023.
The UK-based miner - currently loss-making and destined to be sold by parent company Anglo American - released its latest figures today (26 June) and said economic growth challenges in China were largely to blame.
Cycle 5 sales are down almost 18 per cent on $383m in cycle 4.
Total sales to date are down almost 20 per cent on those for the same period in 2023 - $1.949bn compared to $2.428bn.
De Beers Group CEO Al Cook said: "The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle 5 sales.
"The recent annual JCK jewellery show in Las Vegas confirmed a resurgence in retailers' interest in natural diamonds in the United States but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand."