Source: Sharecast
Just $200m was raised from rough diamond sales during its eighth sales cycle of 2023, generated from global Sightholder sales and auctions.
This was down from $370m in the seventh cycle and $508m in the eighth cycle of 2022.
De Beers operates diamond mines across Botswana, Canada, Namibia and South Africa, and sells 90% of its stones by value through Sightholder sales. The sales events, known as Sights, are held 10 times a year. The other 10% of its diamonds are sold via auctions.
Al Cook, De Beers' chief executive, said the company "reduced its rough diamond availability [...] as the industry's midstream rebalances certain areas of stock accumulation".
"De Beers will continue to support its Sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights 9 and 10 of 2023," Cook said.
De Beers will be suspending online rough diamond auctions for the remainder of 2023, and investing an additional $20 million in natural diamond marketing to help drive consumer demand during the holiday season.