De Beers’ rough diamond sales for the fourth sales cycle of 2024 dropped to $380 million compared to $479 million, a year earlier or $446 million realised during the third sales cycle of the year.
Company chief executive Al Cook said the rough diamond sales trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections.
“The focus of the global diamond industry now turns towards the JCK jewellery show in Las Vegas at the end of May,” he said.
“Demand trends in the US are expected to be driven by short-term macroeconomic issues but supported in coming years by a recovery in engagements as the after-effects of pandemic lockdowns fade.”
De Beers implemented price reductions for smaller rough diamonds at the fourth sight.
Rapaport quoted unnamed sources as saying that the miner reduced the price of 3-grainer (0.75-carat) and smaller goods by 4% to 6%.
The sources also projected that the price decline was around 4% in 4- to 6-grainers (1 to 1.5 carats), while that of 5 to 10-carat rough rose marginally, but this was partially attributable to adjustments to the assortments.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
