De Beers earned $80 million in its ninth sales cycle, representing an 82.4% drop from the $454 million recorded a year earlier, and a 60% decline from the $200 million earned in the previous month.
Group chief executive Al Cook said macro-economic challenges continue to affect the diamond sector.
“The retail recovery in China remains slow, and the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world’s largest diamond cutting centre,” he said.
“In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023."
He said De Beers offered full purchase flexibility to support its Sightholders while the midstream established the equilibrium between supply and demand.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished