DeBeers ninth cycle faces macro challenges!

Nov 09, 2023

De Beers Group announced the value of rough diamond sales for the ninth sales cycle of 2023. The provisional rough diamond sales figure quoted for Cycle 9 represents the expected sales value for the period between 4 October and 3 November and remains subject to adjustment based on final completed sales.

Al Cook, CEO, De Beers Group, said: “Macro-economic challenges continue to affect the diamond sector. The retail recovery in China remains slow. And the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world’s largest diamond cutting centre.

In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023. De Beers maintained support for its Sightholders with full purchase flexibility as the midstream re-establishes an equilibrium between wholesale supply and demand.”

DeBeers Cycle 9 2023

(provisional)[1]

Cycle 8 2023

(actual)[2]

Cycle 9 2022

(actual)

Sales value[3]($m)          80        200          454

Note

1) Cycle 9 2023 provisional sales value represents sales as at 3 November.

2) Cycle 8 2023 actual sales value represents sales between the dates of 18 September and 3 October.

3) Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.

 

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