De Beers reported a decline in rough diamond sales for the ninth cycle of 2023, as the global diamond market faces headwinds from economic challenges and the import ban in India. The company sold $80 million worth of rough diamonds in the period between 4th October and 3rd November, down 82% from $454 million posted in the 9th sight last year, and 60% lower than the previous 8th sight in 2023.
Al Cook, CEO, De Beers Group, said: “Macro-economic challenges continue to affect the diamond sector. The retail recovery in China remains slow. And the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world’s largest diamond cutting centre. 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.”