ANGLO American yesterday announced the value of rough diamond sales for De Beers’ first sales cycle of 2024 had amounted to $370 million (R6.9 billion) after particularly solid demand in the US.
The figure compares well with the previous sales cycle between December 9, 2023 and December 19, 2023, of $137m, but is much lower than the $454m reported for the first cycle in 2023.
De Beers CEO Al Cook said in a statement: “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 combined with the restart of rough diamond imports into India, this had led to demand for rough diamonds increasing substantially in the first sales cycle of 2024.
“However, 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.
BUSINESS REPORT