De Beers' second sales cycle of 2024 raked in $430 million compared to $374 million recorded in the first cycle of the year, according to the parent company, Anglo American.
This was the third consecutive month that De Beers has registered an increase in rough diamond sales on the back of improved demand.
However, the latest rough sales were 13% weaker when compared to $497 million realised during the same period last year.
Diamond analyst Edahn Golan said on X that the year-on-year decline shows that the industry is struggling to regain its position.
Meanwhile, De Beers chief executive Al Cook said he was pleased to see a further increase in demand for rough diamonds during the second sales cycle of the year.
“However, ongoing economic uncertainty in the US has led to retailers restocking conservatively after the 2023 holiday season,” he said.
“Consumer demand for diamond jewellery is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year."
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
