Industry News

DeBeers Posts $495 Million Earnings Rough Diamond Sales in Cycle 2 – 2023

Market AnalysisRough Market

De Beers Group yesterday announced the value of rough diamond sales for the second sales cycle of 2023. The mining giant sold $495 million in rough stones. There was a noticeable year-over-year drop in sales when compared with 2022- Cycle 2, where the company sold over $652 million, a 24% fall. Sales were 9% higher than $454 million registered for the preceding first Sight of 2023.

The provisional rough diamond sales figure quoted for Cycle 2 represents the expected sales value for the period 20 February and 7 March and remains subject to adjustment based on final completed sales.

Al Cook, who recently took the mantle as new CEO of De Beers Group, 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.”