De Beers revealed an encouraging picture of the industry’s trajectory with higher rough diamond sales marking the beginning of 2024. The company’s latest report showcases a provisional sales figure of $370 million for Cycle 1, indicating a significant upswing compared to previous cycles.
The surge in sales value is noteworthy compared to the Cycle 10, 2023, which stood at $137 million. This marked increase underscores a promising start to the new year for the diamond market. Cycle 1, 2023 had reached $454 million.
| Cycle 1 2024
(provisional) |
Cycle 10 2023
(actual) |
Cycle 1 2023
(actual) |
|
| Sales value ($m) | 370 | 137 | 454 |
Al Cook, CEO, De Beers Group, said: “Solid consumer demand for diamonds in the United States over the year-end holiday season has certainly helped to stabilise the industry and we are seeing polished diamond prices increasing again. 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 the 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.”