De Beers has decided to suspend its online rough diamond auctions until the end of 2023, Rough & Polished reports.
This decision follows in the footsteps of Alrosa, which suspended rough diamond sales for September and October at the request of India’s Gems and Jewelry Export Promotion Council (GJEPC).
In its 8th rough Cycle of the year, De Beers raked in $200 million in revenue, a significant drop compared to the previous year’s $508 million or the $370 million from the last Cycle.
Al Cook, Anglo American’s Chief Executive, explained that they had curtailed the availability of rough diamonds for this cycle to address certain sectors of stock build-up within the industry, saying: “De Beers will continue to support its sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in sights 9 and 10 of 2023, suspending De Beers group online rough diamond auctions for the remainder of 2023.”
Anglo American, which initiated a restructuring process back in May, is planning to downsize its corporate office workforce across various locations, according to Rough & Polished. Unions have revealed that a significant number of employees at its South African iron-ore division’s headquarters are facing layoffs.
