Continued market appetite for rough diamonds and diamond jewellery bolstered business at De Beers’ second sales cycle of 2023.

De Beers data showed provisional figures from cycle two, which represent sales as of March 7, 2023, reached US$495 million, up 9 per cent month-on-month from actual sales of US$454 million during the company’s first sales cycle of the year.

The latest figure, which includes global Sightholder sales and auctions, however, represents a 24 per cent decline from the same period in 2022 when actual sales reached US$652 million.

Al Cook, CEO of De Beers Group, said results of cycle two 2023 indicated steady demand for rough diamonds, which is in line with the miner's sales expectations for 2023. 

“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,” continued Cook. “It is also encouraging to see some positive trends in end -lient demand for diamond jewellery at the start of the year.”