De Beers diamond sales fell by 42% in August – Kommersant
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The world’s largest diamond producer De Beers reported that in the seventh trading cycle, which lasted from July 26 to August 29, sales of rough diamonds amounted to $370 million. This is 42% less than in the same cycle in 2022, 10% less than in previous, July, cycle, and generally the lowest figure in the current year. Since the beginning of the year, sales of rough diamonds amounted to $3.2 billion.
During the year, De Beers conducts ten sales of diamonds, the so-called trading cycles. The completed cycle is the fourth in a row that De Beers diamond sales have declined.
As De Beers CEO Al Cooke said, “The economic environment is causing weak end-consumer demand for diamond jewelry in key consumer markets.” In addition, he said, summer trading is traditionally lower, and the downstream industry remains cautious about purchasing in light of the current macroeconomic challenges.
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