The De Beers Group has announced the results of its ninth sales cycle, recording the lowest sales since the start of the COVID-19 pandemic.
The ninth cycle took place between October 4 and November 3 and generated just $US90 million ($AU140.4 million), a sharp decline from the $US454 million ($AU708.6 million) generated in the corresponding cycle a year ago.
De Beers CEO Al Cook said the diamond industry was facing a number of pressures.
“Macroeconomic challenges continue to impact the diamond sector. The retail recovery in China remains slow,” he said.
“The voluntary moratorium on rough diamond imports to India will lead to extended Diwali holidays and factory closures in the world’s largest diamond cutting center.”
In October, De Beers suspended all online rough auctions for the rest of the year. Rival diamond miner Alrosa canceled its September and October allocations to ease oversupply pressures.
“In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023,” Cook added.
“De Beers continued to support its sightholders with full purchasing flexibility as the midstream rebalances wholesale supply and demand.”
De Beers holds ten sightholders’ meetings in Botswana each year, with the next scheduled to commence on December 4.
