Recently, DeBeers reported Interim Financial Results for 2024 that is for the 1H 2024. In the row, commenting on the first half of 2024, De Beers Group CEO Al Cook said: “Rough diamond trading conditions continue to be challenging.
Although demand in the US has been steady and India remains robust, consumers in China are buying substantially fewer luxury products. Retailers are very cautious as they restock, creating higher than normal levels of midstream inventory.
Despite these conditions, De Beers made great progress in delivering our Origins strategy during the first half of the year. We have streamlined the business, materially reducing our costs and ensuring we are best placed to grow value from mining to stores as conditions improve.
We’re revitalising demand for natural diamonds for a new generation of consumers through our collaborations with Signet, Chow Tai Fook and other leading jewellery retailers. And we continue to support consumer confidence in natural diamonds, with high demand for our new DiamondProof lab-grown diamond detection instrument.
While we expect the challenging rough diamond trading conditions to continue in the near-term, the actions we are taking will support the recovery in natural diamond demand and position De Beers well for the future.
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