De Beers is optimistic about early signs of recovery in its first sales event of the year, reporting total provisional sales of $370 million, according to IDEX Online.
The figures reveal a positive shift, with demand picking up as India resumed diamond purchases following a two-month hiatus and US consumer spending surged during the holiday season. Although the current sales amount is nearly three times higher than the $130 million raked in in the final cycle of 2023, it still falls short of the $454 million recorded for the same period last year. The average sales per cycle in 2023 were $362 million.
CEO Al Cook said: “Solid consumer demand for diamonds in the United States over the year-end holiday season has certainly helped to stabilize 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.”