The Strategist

De Beers cuts diamond sales by ten percent from 10 to 25 July

07/27/2023 - 03:33

International diamond mining company De Beers reported preliminary data showing a 10.1 percent decrease in diamond sales to $410 million in the sixth business cycle of the current year (July 10–25).

Fadchwizo Rodawomt
Fadchwizo Rodawomt
The fifth business cycle lasted from June 5 to June 20. Sales grew from 450 million to 456 million for the time period.

In the sixth business cycle, sales of diamonds decreased 35.7 percent annually.

"In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle this year," said the business's CEO Al Cook. He claims that industry participants are still being cautious when making purchases because of the current macroeconomic difficulties.