The De Beers Group, the world’s foremost diamond mining company, has revealed its sales calendar for the upcoming year, signaling a hopeful outlook for the diamond market.
Scheduled to conduct ten sights throughout the year, the initial event is slated to occur from 15th to 19th January, culminating with the final event scheduled from 9th to 13th December.
In response to prevailing oversupply and demand challenges, De Beers had recently allowed sightholders to procure fewer goods as part of a strategic initiative aimed at rebalancing the market dynamics.
The last sales cycle of 2023, spanning from 9th November to 19th December, yielded sales amounting to $US130 million ($AU193 million). While this figure represented a 69 per cent decline in a year-on-year comparison, it indicated a notable 51 per cent upturn in sales from the preceding month of October.
CEO Al Cook commented on the sales performance, stating, “De Beers persisted in offering reduced levels of rough-diamond supply, aligning with the existing demand. The stabilization of polished-diamond prices reflects declining inventory levels, and we anticipate a gradual enhancement in the trading conditions for rough diamonds.”
De Beers’ outlined sales schedule for 2024 includes the following cycles:
15th to 19th January
26th February to 1st March
2nd to 5th April
6th to 10th May
10th to 14th June
22nd to 26th July
26th to 30th August
7th to 11th October
11th to 15th November
9th to 13th December
The structured sales approach established by De Beers reflects cautious optimism, hinting at a gradual recovery in the diamond market over the course of the upcoming sales cycles.
