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The world’s largest diamond mining company, the De Beers Group, has reported improving results from the first sales cycle of the year. | Source: De Beers
The world’s largest diamond mining company, the De Beers Group, has reported improving results from the first sales cycle of the year. | Source: De Beers

Diamond sales beginning to recover

The world’s largest diamond mining company, the De Beers Group, has reported improving results from the first sales cycle of the year.

Sales in January reached $US370 million ($AU562.7 million) for De Beers, a 19 per cent decline from the previous year.

While the results were lower than average, this marked a notable improvement from sales in the past year's final cycle, which totalled just $US137 million ($AU208.3 million).

CEO Al Cook said these results offered the industry cause for optimism.

“Solid consumer demand for diamonds in the US over the year-end holiday season has certainly helped to stabilise the industry, and we are seeing polished diamond prices increasing again,” he said.

Al Cook, De Beers CEO
Al Cook, De Beers CEO
"Solid consumer demand for diamonds in the US over the year-end holiday season has certainly helped to stabilise the industry, and we are seeing polished diamond prices increasing again."
Al Cook, De Beers Group

“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.”

The opening sales cycle occurred in Botswana between 15-19 January, with the second expected to run from 26 February through 1 March.

Cook said that while these results improved recent sales, recovery was expected to be a gradual process.

“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,” he added.

De Beers completes ten sales cycles each year.

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