De Beers’ reports decline in rough diamond sales in 4th cycle of 2023

De Beers has announced that the provisional value of rough diamond sales for De Beers’ fourth sales cycle of 2023 amounted to $480 million, lower than the fourth sales cycle of 2022 ($604 million) and lower than the previous cycle ($542 million).

In a press release, the company said that sales of its rough diamonds in the fourth sales cycle of the year saw a small decrease from the previous cycle as the industry has entered “what is traditionally a seasonally quieter” period.

Anglo American added that rough diamond demand was also influenced by ongoing macroeconomic uncertainty and a slower pace of recovery in consumer demand from China than was widely anticipated.

Anglo American is a producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel, with crop nutrients in development.