Diamond miner De Beers posted its fifth sales cycle this year with total sales of $450 million, according to Anglo American plc, which controls De Beers.
That was 31 percent below a year ago ($657 million) and 6 percent below the result of the fourth site ($479 million).
This year’s fifth sales cycle took place June 5 through June 20.
“Following the JCK Show and with current global macroeconomic issues continuing to affect customer sentiment, the diamond industry remains cautious ahead of the summer season. Reflecting these factors, demand for De Beers’ diamonds during the fifth selling cycle this year was slightly lower than during the fourth selling cycle,” De Beers CEO Al Cook commented on the results.
De Beers reduced prices for one-carat and larger diamonds by 5-10% at its June sight amid weak demand, Rapaport, the industry news agency, reported in early June.
India’s Economic Times reported in May that De Beers postponed auctions for the fifth and sixth selling cycles this year due to weaker demand from Indian diamond producers. De Beers’ auctions represent about 10 percent of the miner’s diamond sales by value. According to Vipul Shah, chairman of India’s Gems and Jewellery Export Promotion Council (GJEPC), rough diamond prices fell 10 percent due to lower demand in global markets.
Russia’s ALROSA, which controls nearly a third of the rough diamond market and was included in the SDN sanctions list last year, does not publish its sales results since March 2022.
