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De Beers Sees 2015 Sales Drop 34 Percent
The diamond miner and marketer’s sales totaled $4.7 billion in 2015, down from $7.1 billion in 2014.
Lower rough diamond sales led to a 34 percent year-over-year decline in revenue for diamond miner and marketer De Beers.
London--Total revenue for De Beers fell by 34 percent last year, as decreased demand for diamond jewelry in the downstream market resulted in a drop in rough diamond sales at the top of the pipeline.
Parent company Anglo American reported Tuesday that the diamond miner and marketer’s sales totaled $4.7 billion in 2015, down from $7.1 billion in 2014. Driving the decline was a 36 percent year-over-year drop in rough diamond sales, partially offset by a 5 percent increase in the average price-per-carat for the diamonds it sold.
The 2015 average realized diamond price was $207 per carat, up from $198 a carat in 2014, which De Beers said “reflected a stronger product mix, despite an 8 percent lower average rough price index for the [year].”
De Beers’s rough price index declined by 15 percent between the fourth quarter 2014 and the fourth quarter 2015, as the company cut prices as the year wore on in response to a slowdown in demand worldwide and outcry from manufacturers, who found their margins squeezed.
As reported previously, De Beers also pulled back on production in 2015, mining 12 percent fewer carats than it did in 2014.
While rough diamond sales fell in 2015, De Beers said its diamond brand, Forevermark, recorded “double-digit sales growth” (the company did not provide exact figures) and is now available in 1,760 outlets worldwide, a 14 percent increase over 2015.
The company’s chain of jewelry stores, De Beers Diamond Jewellers, “maintained its focus on fast-growing markets” and has a total of 35 stores in 12 key markets. The stores see strong sales at the high end and among Chinese consumers worldwide.
In 2016, De Beers expects the United States to remain the main driver of growth in consumer demand for diamond jewelry.
Rough diamond demand will depend on consumer demand and the resultant levels of restocking required by retailers and, consequently, the midstream (manufacturers, cutters and polishers.)
While subject to trading conditions, 2016 diamond production is expected to be slightly lower or on par with 2015, at 26 to 28 million carats.
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