De Beers CEO Al Cook predicts the natural diamond market will gradually recover later in 2024, despite ongoing challenges, as reported by Diamond World. Cook made these comments at the JGW exhibition in Hong Kong last week.
Cook noted significant market shifts, including a sharp decline in lab-grown diamond sales, with profit margins now lower than those for natural diamonds, giving retailers a reason to refocus on natural diamonds.
He also addressed the impact of sanctions on Russian diamonds, which have reshaped market dynamics. In response, De Beers has ramped up marketing efforts to reinforce the value and appeal of natural diamonds. Cook emphasized that the company’s long-term investments in technology and sustainability will be key growth drivers in the coming years.
De Beers recently reported a 21% drop in revenue for the first half of 2024, totaling $2.2 billion. While the average price per carat remained stable, decreased sales volume and rising operational costs have affected profitability.
