Rough diamond sales at De Beers fell to US$80 million during the company’s latest sales cycle largely due to ongoing macroeconomic challenges.

The group explained that economic headwinds such as the lacklustre recovery of China’s retail sector alongside other developments like India’s decision to freeze diamond imports until December 15 continue to affect the diamond sector. The import moratorium is also expected to result in an extended Diwali holidays and factory closures in India – the world’s largest diamond cutting centre.

Sales during the ninth sales cycle were down 60 per cent from cycle 8, which reached US$200 million.

De Beers CEO Al Cook said, “In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023. De Beers maintained support for its Sightholders with full purchase flexibility as the midstream re-establishes an equilibrium between wholesale supply and demand.”

The provisional figure represents the expected sales value for the period between October 4 and November 3 and remains subject to adjustment, according to De Beers