After raking in only $480 million in its most recent sales cycle (Cycle 4) – a 20% drop year-on-year, De Beers has announced it will combine Cycle 5 and 6 auctions “amid dwindling demand” for diamonds from Indian manufacturers, IDEX Online reports. New auction dates have not been announced yet, and none are listed on the miner’s website.
De Beers said in a statement: “After careful consideration and analysis of the current market situation, we decided to combine both Cycle 5 and 6 Interim and Main Auctions. Whilst this was a difficult decision to make, we believe that it is one that reflects our sustainable and responsible approach to rough diamond supply.”
In Cycle 3 of 2023, De Beers raked in $542 million. In the 2rd Sales Cycle of 2022, it raked in $497 million in rough diamond sales.
