De Beers Sales Slow to $495m as Buyers Delay

By John Jeffay / March 08, 2023 / / Article Link

(IDEX Online) - De Beers today announced slower sales during Cycle 2, down 24 per cent on last year, as uncertainty persists and many sightholders delayed purchases.


Total sales were $495m (provisional) compared with $652m during Cycle 2 of 2022. They were up nine per cent on the previous Cycle.


De Beers reportedly raised the prices of smaller goods at its latest sight, amid speculation that the G7 and EU nations are considering measures against Russian diamond exports.


Al Cook, who has replaced Bruce Cleaver as De Beers CEO, said: "In this, my first Sight update to the market, I am pleased to see continued steady demand for rough diamonds in line with our expectations for sales as the year progresses.


"For example, we know that sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022.


"It is also encouraging to see some positive trends in end client demand for diamond jewellery at the start of the year."


Pic courtesy De Beers

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