De Beers Registers a 42% Slump in Rough Diamond Sales during 7th 2023 Cycle, Reflecting a Complex Market Situation and Cautious Midstream Requests
The seventh sales cycle of 2023 witnessed a substantial decline of 42% in De Beers' rough diamond sales through Global Sight Holder Sales and Auctions, amounting to $370 million. In comparison to the sales during the same cycle in the previous year, this downturn highlights the intricate challenges within the market landscape and the careful stance of midstream demand. Further data analysis brings a 10% reduction when juxtaposed with the immediate preceding sales cycle in 2023.
CEO of De Beers Group, Al Cook, remarked on the situation, stating, "Given the current economic backdrop that has led to weakened consumer interest in diamond jewelry across major markets and the historically subdued midstream trading during the summer season, Sightholders maintained a cautious purchasing approach during this seventh sales cycle of the year."