De Beers, the world’s leading diamond company by sales, announced the results of its third sales cycle of 2024, generating total sales of $445 million.
This figure represents a slight increase from the previous cycle’s $431 million but reflects a decrease compared to the same period in 2023, which saw sales of $542 million.
“Despite ongoing uncertainty in the global diamond market, we are pleased to report renewed growth in our third sales cycle,” said De Beers CEO Al Cook. “Demand for our diamonds remains strong, particularly in the United States and China, and we are confident in our long-term outlook.”
De Beers is the world’s largest diamond producer by volume, controlling roughly 30% of the global rough diamond market. The company sells its diamonds through auctions to a select group of buyers who then cut and polish them for jewelry.
Additional Notes:
- De Beers sales cycles are held ten times per year and last approximately one week.
- Diamond prices have softened in recent months due to a confluence of factors, including inflation, rising interest rates, and the war in Ukraine.
- De Beers has invested in initiatives to promote sustainability and responsible practices throughout its supply chain in recent years.
Sources: De Beers Group: https://www.debeers.com/en-us/home
