De Beers generated $130 million from its tenth sales cycle of 2023 compared to $417 million the previous year, according to its parent company, Anglo American.
The tenth sales cycle, on the other hand, performed better in comparison to the $86 million generated during the ninth sales cycle last month.
“In the final sales cycle of 2023, De Beers continued to offer lower levels of rough diamond supply, in line with current demand,” said De Beers chief executive Al Cook.
He said the diamond industry is exhibiting indications that the equilibrium between wholesale supply and demand is being restored as the end-of-year holiday season unfolds.
Although the group anticipates incremental improvements in rough diamond trading circumstances, Cook said that polished diamond prices appear to have stabilized as inventory levels have reduced.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished