De Beers fourth cycle diamond sales drops to $380m

The De Beers Group has reported that its rough diamond sales for its fourth sales cycle amounted to $380m (£298.7m) as at 22 May 2024.

The figures mark a decrease on the $446m (£350.6m) sold in the fourth sales cycle of 2024, and is also down from $479m (£376.6m) in the same cycle from the previous year.

The group stated that the provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period and remains subject to adjustment based on final completed sales.

Al Cook, De Beers Group CEO, said: “As expected, De Beers’ rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections.

“The focus of the global diamond industry now turns towards the JCK jewellery show in Las Vegas at the end of May. Demand trends in the US are expected to be driven by short term macroeconomic issues but supported in coming years by a recovery in engagements as the after-effects of pandemic lockdowns fade.”