Recently, Trans Atlantic Gem Sales (TAGS), released their; TAGS September Market & Tender Report. The report suggests about the rough market that, rough producer De Beers surprised many with the announcement in early August, of $1.7 billion sales in H1, which was considered on the high side. Comments shared in the trade press by senior Botswana Govt officials critical of De Beers also caused concern in the industry.
Alrosa sales dropped during H1 amid sanctions on Russian goods and the prolonged downturn in the global diamond market. Alrosa reported a fall in revenue of 24% year on year [YoY] to $1.45 billion, for 6 months ended June 30. Alrosa also had less rough available as production was paused at some mines, and it withdrew from its Catoca joint venture in Angola.
Neither De Beers nor Alrosa have reduced their official price list, despite some Sightholders receiving deals, during recent months. This has gone some way to maintain a degree of stability in the markets. This has been particularly evident in the +2ct size bands. The industry has now come to the end of the summer vacation. Not surprisingly all eyes were on the De Beers August Sight and ODC’s sale, to give an indication of the market position and sentiment.
De Beers prices remained unchanged, and most DB boxes remain out of line with market prices. Deals were believed to have been offered in August, but primarily in areas of smaller sizes where stocks are high and demand is weak. Sightholders have been informed of significant changes from October, which are indicating a reduced list of companies. Many DB staff across the centres have been reduced.
Throughout August there was talk that some of the larger manufacturing companies had already started reducing polished prices to push sales, probably as a result De Beers selling ‘deals’ at more favourable prices during June/July Early Sept, ODC sold $54m at an average price of around $114, compared to their last sale in July of $63m. at an average price of $126.
This 10% reduction in September was broadly spread in goods below 10cts, with a particular focus on lower qualities below 2cts. Demand for +5cts rough has generally been stable as +2ct polished demand has remained solid. There has also been some movement in the 3-4ct rough sizes in the better qualities.
Prices in 3-6grs and below are still weak, but there appears to be some demand in -3gr, better qualities. Col’d and Brown goods remain a weak area, with very little demand.
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