De Beers has halted online rough diamond auctions till the end of 2023, according to its parent company, Anglo American.
The move comes after Alrosa suspended sales of rough diamonds for September and October at the request of India's Gems and Jewelry Export Promotion Council (GJEPC) due to poor demand, leading to disruptions in factory operations and a reduction in resource allocation.
De Beers realised $200 million from its eighth rough sales cycle compared to $508 million the previous year or $370 million the preceding cycle.
Group chief executive Al Cook said that they reduced rough diamond availability for the cycle as the industry’s midstream rebalanced some sectors of stock build-up.
“De Beers will continue to support its sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in sights 9 and 10 of 2023, suspending De Beers group online rough diamond auctions for the remainder of 2023,” he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
