The value of De Beers' rough diamond sales for the eighth sales cycle of this year decreased to a provisional $200-million, as the diamond miner reduced its rough diamond availability in light of the industry's midstream working to rebalance certain areas of stock accumulation.
De Beers sold $508-million of rough diamonds during the eighth sales cycle of 2022 and $370-million of rough diamonds in the seventh sales cycles of this year.
Sightholder and auction sales for this year have generated lower values than in 2022, with a tough economic environment having resulted in softer end-client demand for diamond jewellery in key consumer markets.
"De Beers will continue to support its sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights 9 and 10 of 2023, suspending De Beers Group online rough diamond auctions for the remainder of this year and investing an additional $20-million in natural diamond marketing to help drive consumer demand during the holiday season," says De Beers CEO Al Cook.