De Beers is expecting the recovery in demand for rough diamonds to take time as prospects for economic growth in many major economies remain uncertain.
Company chief executive Al Cook said this while commenting on the results of the first sales cycle of 2024 that ended last Friday.
The sales cycle raked in $370 million for De Beers compared to $454 million a year earlier, or $137 million realised at the last sales cycle of 2023, which took place in December.
"Solid consumer demand for diamonds in the United States over the year-end holiday season has certainly helped to stabilise the industry, and we are seeing polished diamond prices increasing again,” said Cook.
“Combined with the restart of rough diamond imports into India, this has led to demand for rough diamonds increasing substantially in the first sales cycle of 2024."
De Beers reportedly reduced rough diamond pricing by an average of 10 to 15% at the sight to encourage sales and bring its rates in line with the rest of the market.
Rapaport quoted unnamed sources as saying that the miner reduced prices by five to 10% for rough under 0.75 carats but made no or little decreases for the smallest items that generate melee.
The prices of rough weighing 0.75 to 2 carats decreased by an average of 10 to 15%; similarly, the cost of 2-carat and larger items fell by roughly 15%.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
