De Beers’ 2023 Sales Off to a Slower Start

Post by **PinkDiamond** » Fri Mar 10, 2023 6:44 pm

With the world mostly free of covid, although I just read that the rats in New York City are carrying it, and with everything open and flowing again it's not surprising that De Beers would see a drop in diamond sales since people have so many other options to spend their money on now, but we'll have to watch this to see if this becomes a trend or is just a hiccup in rough diamond sales.

Rough diamonds from Gahcho Kué, De Beers’ diamond mine in Canada. The company’s rough diamond sales, including both sightholder and auction sales, totaled $495 million in late February/early March, down 24 percent when compared with the same period last year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)

"Gaborone, Botswana—After a massive 2022, the new year is off to a slower start for De Beers Group.

Rough diamond sales for what De Beers terms its second sales cycle of the year (the period spanning Feb. 20 to March 7) totaled $495 million compared with $652 million in the second sales cycle of 2022.

That is a 24 percent year-over-year decline.

Compared to the first sales cycle of 2023 ($454 million), De Beers’ sales were up 9 percent.

So far this year, the company’s sales total $949 million through two rounds of sales, compared with $1.31 billion at this point in 2022, an exceptionally strong year for De Beers.

Demand for diamond jewelry, which spiked during the pandemic and has remained elevated, coupled with sanctions on Alrosa goods bolstered demand for the company’s diamonds in 2022.

De Beers finished the year with rough diamond sales totaling $5.79 billion, a 20 percent year-over-year increase. It was the first time since 2018 that the company’s annual rough sales topped $5 billion.

De Beers ramped up production to near-maximum capacity, mining ... "
https://nationaljeweler.com/articles/11 ... 0Campaigns