De Beers Group's rough diamond sales in the third sales cycle of 2024 dipped by 17.9 per cent year on year, owing to ongoing economic uncertainties and a lacklustre China market.

Rough diamond sales for the period reached US$445 million, down from US$542 million in cycle 3 of 2023. The latest figure, however, is up 3.2 per cent from US$431 million during cycle 2 of the current year.

De Beers Group CEO Al Cook explained that many diamond businesses remain cautious about purchasing amid a challenging economy and a 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,” he continued.

Cycle 3 represents sales as of April 16, 2024. Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle, noted De Beers.