De Beers has reported a 21% drop in its first-half 2024 revenue, falling to $2.2 billion. This decline underscores the persistent challenges the company faces due to declining demand and increased competition from lab-grown diamonds.
Although the average price per carat remained stable, reduced sales volumes and higher operational costs have impacted profitability, Diamond World reports.
Sales of rough diamonds fell by 20% to $2 billion. The volume of rough diamond sales decreased by 22%, reaching 11.9 million carats. The average realized price remained relatively stable at $164 per carat. De Beers reported its EBITDA (Underlying earnings before interest, taxes, depreciation, and amortization) declined by 14% to $300 million, primarily due to lower sales volumes and increased unit costs.
