The De Beers Group has published the results from its fifth sales cycle of the year, identifying a further decline amid weakened global demand for diamonds.
Sales reached $US450 million ($AU673.1 million) in the latest cycle, a 32 per cent decline from the $US657 million ($AU982.7 million) generated in 2022.
CEO Al Cook said: “Following the JCK Show, and with ongoing global macroeconomic challenges continuing to impact end-client sentiment, the diamond industry remains cautious heading into summer.
“Reflecting this, we saw demand for De Beers rough diamonds during the fifth sales cycle of the year slightly softer than in the fourth cycle.”
From the fourth cycle ($AU698.5 million) to the fifth, sales decreased by six per cent. According to reporting by Rapaport News, De Beers lowered prices at the sight by between 5-10 per cent.
In an interview earlier this month, Cook clarified that his company has three key goals: to remain a ‘partner of choice’ with governments, sightholders, and consumers, to increase investment in technology, and to build a more notable presence for the De Beers brand.
“There is an opportunity to evolve and expand our retail offering in terms of quantity and size, allowing more people to buy a diamond from De Beers Jewellers, but also to expand it in terms of quality,” said.
“We can tell the incredible story of the good the diamond has done from the moment it came out of the ground to the moment it went on someone’s finger in a way that no other company in the world can do.”
De Beers, the world’s largest diamond mining company, completes 10 sales cycles each year. The next sight is scheduled to take place 10-14 July.
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