De Beers reported a decline in rough diamond sales to approximately $315 million during its June cycle, marking the lowest sales figure among this year’s five cycles—a 31% decrease compared to the same period in 2023. The UK-based mining company attributed this downturn to economic difficulties in China.
Sales in cycle 5 were nearly 18% lower than the $383 million recorded in cycle 4. Year-to-date sales now total $1.949 billion, down nearly 20% from the $2.428 billion reported for the same period last year.
Al Cook, CEO of De Beers Group, noted, “The northern summer typically sees quieter activity in rough diamond sales, which was evident in our cycle 5 results. While the recent JCK jewelry show in Las Vegas indicated a renewed interest from retailers in natural diamonds in the United States, ongoing economic challenges in China suggest a prolonged recovery in demand with a U-shaped trajectory.”
