De Beers' rough diamond sales continued to decline as its sixth sales cycle of 2023 realised $410 million compared to $638 million a year earlier or $456 million during the fifth sales cycle of the year.
However, the tentative rough diamond sales amount cited for the sixth cycle indicates the anticipated sales value for the period between July 10 and July 25 and is subject to change based on the final sales figures.
"Consistent with seasonal tendencies, rough diamond sales remained at a lower level throughout the sixth sales cycle of the year," said De Beers chief executive Al Cook.
"Participants in the midstream sector of the diamond industry continue to approach purchases with caution in light of ongoing macroeconomic concerns."
Diamond industry analyst Edahn Golan tweeted that the 36% year-on-year decline shows global demand for diamond jewellery continues to weaken after the COVID-19 surge.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
