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Solid US demand helps stabilise diamond industry – Cook

De Beers CEO Al Cook

De Beers CEO Al Cook

31st January 2024

By: Creamer Media Reporter

     

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Diamond miner De Beers recorded provisional rough diamond sales of $370-million in its first sales cycle of this year.

This was lower than the $454-million of sales recorded for the first sales cycle of 2023, but higher than the $137-million in sales recorded in the tenth sales cycle of 2023.

"Solid consumer demand for diamonds in the US over the year-end holiday season has certainly helped to stabilise the industry and we are seeing polished diamond prices increasing again. 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.

"However, as the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover," De Beers CEO Al Cook comments.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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