De Beers Generates $495m from 2nd Cycle

Gaborone: De Beers has announced a provisional rough diamond sales value of $495 million for the second sales cycle of 2023, according to Anglo American.

The revenue raked in rose 9% compared to $454 million registered during the first rough diamond sales of the year or $652 million, a year earlier.

Group chief executive Al Cook said they witnessed continued steady demand for rough diamonds in line with their expectations for sales as the year progresses.

“For example, we know that sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022,” he said. “It is also encouraging to see some positive trends in end client demand for diamond jewellery at the start of the year.”

Unnamed sources said prices for small stones rose by about 10%, while in one subcategory, prices rose 30% since the beginning of the year.