De Beers reports first rough diamond sales of $370m

The De Beers Group has reported that its rough diamond sales for its first sales cycle amounted to $370m (£292.8m) as at 30 January 2024.

The figures mark an increase on the $137m (£108.4m) sold in the final sales cycle of 2023, even though it is down from $454m (£359.3m) in the same cycle from the previous year.

The group stated that the provisional rough diamond sales figure quoted for Cycle 1 represents the expected sales value for the period and remains subject to adjustment based on final completed sales.

Al Cook, CEO of De Beers, said: “Solid consumer demand for diamonds in the United States over the year-end holiday season has certainly helped to stabilise the industry and we are seeing polished diamond prices increasing again.

“Combined with the restart of rough diamond imports into India, this has led to demand for rough diamonds increasing substantially in the first sales cycle of 2024. However, as the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover.”