Rough diamond sales at De Beers’ first sales cycle of 2024 benefitted from strong consumer demand for diamond jewellery in the US alongside resumption of diamond imports into India.

Provisional sales reached US$370 million during cycle 1 of the year, up from US$137 million recorded in the last sales cycle of 2023, but considerably lower than US$454 million from cycle 1 of 2023.

De Beers CEO Al Cook said solid consumer demand for diamonds in the US over the year-end holiday season helped to stabilise the industry. Polished diamond prices are also on the rise, he added. 

“Combined with the restart of rough diamond imports into India, this has led to demand for rough diamonds increasing substantially in the first sales cycle of 2024. However, as prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover,” added Cook.

The US National Retail Federation (NRF) earlier said retail sales in the US rose 3.8 per cent during the holiday season in 2023, with gains being recorded in all but two of nine retail categories. Clothing and clothing accessory stores, which include jewellery shops, saw a 3 per cent year-on-year growth.

Meanwhile, India ended a two-month freeze on rough diamond imports on December 15, 2023. According to the Gem and Jewellery Export Promotion Council (GJEPC), the initiative helped stabilise the country’s diamond industry. The voluntary suspension was meant to address challenges arising from a demand-supply imbalance.