De Beers’ rough diamond sales amounted to $130 million in its final Sight of 2023, signaling a gradual improvement in the polished market, IDEX Online reports.
The UK-based miner expressed cautious optimism regarding the gradual enhancement of rough trading conditions. Despite a 51% increase from October’s record low of $86 million, November’s sales remained sluggish, falling 69% when compared to November 2022.
However, according to IDEX Online, “the markets are picking up, with supplies squeezed by the two-month voluntary ban on rough purchases […] and temporary self-imposed halts on sales by Alrosa and Okavango.”
Al Cook, CEO of De Beers Group, said: “In the final sales cycle of 2023, De Beers continued to offer lower levels of rough diamond supply, in line with current demand. As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand. “Polished diamond prices look to have stabilized as inventory levels have decreased, though we expect improvements in rough diamond trading conditions to be gradual.”
