De Beers reported earnings of $80 million in its ninth sales cycle – an 82.4% drop year-on-year, and a 60% decline from the $200 million earned in the previous month, Rough & Polished reports.
Al Cook, the group chief executive, attributed this decline to ongoing macro-economic challenges affecting the diamond sector. He noted: “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 center. In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023.”
In response to these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023. Cook commented that the company provided full purchase flexibility to support its Sightholders while the midstream worked to establish equilibrium between supply and demand.
