The De Beers Group has reported improved sales at its second sight of the year as part of a gradual recovery in the market.
The company reported sales of $USD430 million ($AUD653 million) for the sales period ending 1 March. This marked a 13 per cent decline on a year-on-year comparison; however, it was a 15 per cent improvement from the previous sight.
CEO Al Cook said there are signs of a recovery in India, while China remains a region of concern.
“Ongoing economic uncertainty in the US has led to retailers restocking conservatively after the 2023 holiday season,” he said.
“Consumer demand for diamond jewellery is growing in India but remains sluggish in China.”
De Beers’ next sight is scheduled for 2-5 April. The company recently reported a 36 per cent revenue decline for 2023, with sales volume declining by 19 per cent.
Cook said that the market’s recovery was expected to remain a slow process.
“Overall, we expect that the ongoing recovery in rough-diamond demand will be gradual as we move through the year,” he added.
De Beers completes ten sales cycles each year.
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