De Beers has announced a 15% year-on-year increase in rough diamond sales during the second sales cycle of 2024, totaling $430 million, Diamond World reports.
Al Cook, CEO of De Beers Group, expressed satisfaction with the recent surge in demand, but highlighted the cautious approach taken by US retailers due to economic uncertainty, which has affected restocking post the 2023 holiday season.
Despite subdued demand in the US market, there has been a noticeable uptick in the interest for diamond jewelry among Indian consumers. Cook remarked that demand in China remains sluggish, and said that he anticipates a gradual recovery in rough diamond demand throughout the year.
Meanwhile, Debswana has reported a significant decline in rough diamond sales, dropping by 25.1% to $3.44 billion, according to figures published by the Bank of Botswana and quoted by IDEX Online. The company, a joint venture between De Beers and the Botswana government, announced plans to adjust its 2024 output to align with reduced global demand. Despite a 2% increase in production to 24.7 million carats in 2023, Debswana faced challenges from the economic downturn and the growing preference for lab-grown diamonds, following its record sales of $4.59 billion in 2022.
