De Beers, the renowned diamond company, has announced a notable increase in rough diamond sales for the second sight of 2024, reaching $430 million. This marks a significant 15% growth compared to the first sight of the year. In contrast, rough sales for the second sight of 2023 had amounted to $497 million.
CEO of De Beers Group, Al Cook, expressed satisfaction with the recent surge in demand for the company’s rough diamonds observed during the second sales cycle of 2024. He acknowledged the prevailing economic uncertainty in the United States, which has prompted retailers to adopt a cautious approach to restocking following the 2023 holiday season.
Despite the cautious sentiment in the US market, Cook highlighted a growing interest in diamond jewelry among consumers in India. However, he noted that the pace of demand remains subdued in China. Looking ahead, Cook anticipates a gradual recovery in rough diamond demand over the course of the year, navigating through these varied market dynamics.
Summary of Sales Cycles:
Cycle 2 2024 (provisional): Sales value ($m) – $430
Cycle 1 2024 (actual): Sales value ($m) – $370
Cycle 2 2023 (actual): Sales value ($m) – $497
De Beers’ optimistic outlook underscores the resilience of the diamond industry amidst evolving market conditions, with growing consumer demand in India serving as a key driver of sales growth.
