De Beers announced a fall in rough diamond sales to a provisional $315 million during its June cycle, IDEX Online reports.
This is the lowest sales figure among the five cycles so far this year – a 31% drop compared to the same period in 2023. The UK-based miner attributed the decline to economic growth challenges in China.
Sales in cycle 5 were nearly 18% lower than the $383 million recorded in cycle 4. Year-to-date sales stand at $1.949 billion, almost 20% less than the $2.428 billion reported for the same period in 2023.
De Beers Group CEO Al Cook commented, “The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle 5 sales. The recent annual JCK jewelry show in Las Vegas indicated a resurgence in retailers’ interest in natural diamonds in the United States, but ongoing economic challenges in China suggest a prolonged U-shaped recovery in demand.”
