SourcingMar 02, 2023
Rio Tinto Making $40M Investment in Diavik Diamond MineSourcingMar 09, 2023
De Beers’ 2023 Sales Off to a Slower Start
New CEO Al Cook said the economic uncertainty that lingered in late 2022 caused sightholders to put off buying until later in 2023.
Rough diamonds from Gahcho Kué, De Beers’ diamond mine in Canada. The company’s rough diamond sales, including both sightholder and auction sales, totaled $495 million in late February/early March, down 24 percent when compared with the same period last year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—After a massive 2022, the new year is off to a slower start for De Beers Group.
Rough diamond sales for what De Beers terms its second sales cycle of the year (the period spanning Feb. 20 to March 7) totaled $495 million compared with $652 million in the second sales cycle of 2022.
That is a 24 percent year-over-year decline.
Compared to the first sales cycle of 2023 ($454 million), De Beers’ sales were up 9 percent.
So far this year, the company’s sales total $949 million through two rounds of sales, compared with $1.31 billion at this point in 2022, an exceptionally strong year for De Beers.
Demand for diamond jewelry, which spiked during the pandemic and has remained elevated, coupled with sanctions on Alrosa goods bolstered demand for the company’s diamonds in 2022.
De Beers finished the year with rough diamond sales totaling $5.79 billion, a 20 percent year-over-year increase. It was the first time since 2018 that the company’s annual rough sales topped $5 billion.
De Beers ramped up production to near-maximum capacity, mining 34.6 million carats, a 7 percent year-over-year increase.
Related stories will be right here …
Rough diamond sales for what De Beers terms its second sales cycle of the year (the period spanning Feb. 20 to March 7) totaled $495 million compared with $652 million in the second sales cycle of 2022.
That is a 24 percent year-over-year decline.
Compared to the first sales cycle of 2023 ($454 million), De Beers’ sales were up 9 percent.
So far this year, the company’s sales total $949 million through two rounds of sales, compared with $1.31 billion at this point in 2022, an exceptionally strong year for De Beers.
Demand for diamond jewelry, which spiked during the pandemic and has remained elevated, coupled with sanctions on Alrosa goods bolstered demand for the company’s diamonds in 2022.
De Beers finished the year with rough diamond sales totaling $5.79 billion, a 20 percent year-over-year increase. It was the first time since 2018 that the company’s annual rough sales topped $5 billion.
De Beers ramped up production to near-maximum capacity, mining 34.6 million carats, a 7 percent year-over-year increase.
De Beers’ latest sales results, released Wednesday, are the first under new CEO Al Cook, who started at the company two weeks ago.
Cook replaces Bruce Cleaver, who stepped down as CEO in early 2023 but became co-chairman of De Beers Group, serving alongside Anglo American executive Duncan Wanblad.
Cook described rough diamond demand as “steady” while also noting “positive trends” in diamond jewelry demand at the start of the year.
“In this, my first sight update to the market, I am pleased to see continued steady demand for rough diamonds in line with our expectations for sales as the year progresses. For example, we know sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022,” he said, referring to the recession fears that permeated the market late last year.
“It is also encouraging to see some positive trends in end-client demand for diamond jewelry at the start of the year.”
More on Sourcing
The Latest
FinancialsMay 17, 2024
Richemont Appoints Van Cleef & Arpels’ Nicolas Bos as New CEOThe announcement coincided with its full-year results, with growth driven by its jewelry brands.
FinancialsMay 17, 2024
Watches of Switzerland’s Fiscal-Year Sales Flat Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Recorded WebinarsMay 17, 2024
Watch: Preparing for Trade Show SuccessJewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
AuctionsMay 17, 2024
Piece of the Week: Cartier’s Ring-Tailed LemurThis little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Weekly QuizMay 16, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 16, 2024
Christie’s Holds 2 Sales Despite CyberattackThough its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
AuctionsMay 16, 2024
Sotheby’s Withdraws 101-Carat Yellow Diamond from AuctionDespite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
ColumnistsMay 16, 2024
The PR Adviser: What the Designer Should’ve DoneLilian Raji gives advice to designers on how to make the most of great publicity opportunities.
ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
IndependentsMay 15, 2024
David Mann Jewelers in Upstate NY to Close After 35 YearsOwner David Mann is heading into retirement.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%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.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
