De Beers’ Oct/Nov Rough Sales Total $450M
As in September, the company’s sales were up slightly year-over-year but down month-to-month.
The company’s rough diamond sales (counting both sightholder and auction sales) for the sight period Oct. 31-Nov. 15 totaled $450 million, increasing 3 percent year-over-year from $438 million but declining 11 percent from $508 million in the previous sales cycle.
It’s a continuation of the pattern first noted last month—De Beers’ rough diamond sales are increasing only slightly year-over-year and declining month-to-month, a sign of softening demand in what has been a red-hot diamond market.
In October, CEO Bruce Cleaver said sales were in line with expectations for this time of year as polishing factories in India prepared to shut down for Diwali.
He noted the impact of Diwali again in November.
“We saw good demand for our rough diamonds during cycle 9, with sales reflecting what is traditionally a quieter time for the diamond midstream ahead of polishing factories reopening in India following the Diwali holidays,” Cleaver said.
Year-to-date, De Beers’ rough diamond sales remain ahead of 2021 totals, though the gap is narrowing.
Sales through the ninth sales of 2022 are nearing $5 billion ($4.99 billion), compared with about $4.5 billion ($4.49 billion) at the same time last year.
The Latest
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
Despite the rising prices, consumers continue to seek out the precious metal.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.