De Beers reports lower fourth-cycle rough diamond sales

23rd May 2024

By: Creamer Media Reporter


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Diamond miner De Beers sold $380-million worth of rough diamonds during its fourth sales cycle of this year, compared with the $446-million of diamonds sold during the third sales cycle of this year.

Sales were also lower than the $479-million of diamonds sold during the fourth sales cycle of 2023.

"As expected, De Beers' rough diamond sales in the fourth cycle of the year 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. 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," comments De Beers CEO Al Cook.

De Beers, which owns diamond mining assets in Southern Africa and North America, is a subsidiary of Anglo American.

The diamond industry has faced various challenges in recent years, including muted demand, prompting miners to reduce supply and cut prices. De Beers earlier this year reported that demand had started to increase, but warned that the recovery would be gradual and slow.

In April it announced a lowering in its production guidance for the 2024 full-year to between 26-million and 29-million carats, compared with the initially guided 29-million to 32-million carats, in response to the higher-than-average levels of inventory in the market.

When BHP made an offer to acquire Anglo American in late April, it said the De Beers business would be subject to a strategic review.

In response to BHP's offer, Anglo earlier this month announced that it was exploring plans to exit its steelmaking coal, nickel and platinum group metals operations and to demerge De Beers.


Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



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