De Beers Unearths Sales Boom in Rough Diamond Sales for Cycle 3, 2024
Anglo-American’s diamond subsidiary, De Beers, reported a significant increase in rough diamond sales for the third sales cycle of 2024. The provisional rough diamond sales of Cycle 3 represent the expected sales value for the period and remain subject to adjustment based on final completed sales.
Patricia Rwafa
De Beers announced last year that the seventh sales cycle of 2023, which took place between August 14 and 29, generated only $370 million in sales. This was a drop from the previous cycle of $411 million and $456 million and a significant decline from the seventh cycle of 2022, which generated $638 million.
De Beers’ rough diamond sales improved in the second sales cycle of 2024 compared to the first but have not fully recovered to the 2023 holiday season levels. Sales were higher than the $374 million of rough diamonds sold in the first quarter of this year but lower than the $497 million in rough diamonds sold in the second sales cycle of 2023.
De Beers sold around $445 million worth of rough diamonds in their latest sales this year. This number is an estimate and could change slightly after final sales are counted.
The company estimates the recent rough diamond sales were around $445 million. This is a provisional figure based on auctions and sales to approved buyers and could change slightly once final sales are tallied.
As the company compares with the $431 million of revenue generated from sales in the second cycle of this year and $542 million of revenue generated in the third cycle of last year, it shows some improvement in sales. Diamond miner De Beers says it generated about $445 million in revenue from its third sales cycle for this year.
The figure represents the expected sales value from the company’s latest global sight-holder sales and auctions and remains subject to adjustment. It compares with the $431 million of revenue generated from sales in the second cycle of this year and $542 million of revenue generated in the third cycle of last year. Their recent diamond sales hit $445 million, which is a positive sign considering it’s usually a slow time for the rough diamond market. It may spark an increase but not quite at the level they reached in 2023.
According to the CEO of De Beers, Al Cook, “Many diamond businesses are continuing to take a cautious approach to purchases amidst the uncertain economic landscape and the slow pace of growth in China. However, we saw a further uptick in our rough diamond sales in our third sales cycle, ahead of what is usually a slower period for rough diamond demand in the second quarter of the year.”
De Beers has rough diamond mines across Africa and Canada, digging deep pits (open-pit mining), sifting through riverbeds and beaches (alluvial mining), and even going underwater near the shore (coastal mining, a new trick up their sleeve). Their mines are scattered like jewels themselves, with some of the biggest being the Victor Mine in Canada and the Orapa and Letlhakane mines in Botswana (run with a partner).