- Reports $370m in Diamond Sales, fuelled by robust US demand and rekindled global interest
GAZETTE REPORTER
The world’s premier diamond company, De Beers, recently concluded its first sales cycle of 2024, revealing a total sales figure of $370 million.
Made by De Beers parent company Anglo American, the announcement, Cycle 1 2024 provisional sales value represents sales as at 30 January 2024.
The CEO of De Beers, Al Cook, commented on the sales: “Solid consumer demand for diamonds in the United States over the year-end holiday season has certainly helped to stabilise the industry and we are seeing polished diamond prices increasing again.
Uncertain
“Combined with the restart of rough diamond imports into India, this has 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.”
Meanwhile, the De Beers Group website states that the Group Global Sightholder Sales team relocated from London to the Botswana capital of Gaborone in 2013.
10,000 categories
Rough diamonds are sent to Gaborone from De Beers Group’s operations in Canada, Botswana, Namibia and South Africa after being sorted into more than 10,000 categories.
Global Sightholder Sales hosts sales 10 times a year that are known as “Sights” because during the sales period, customers are able to inspect the rough diamonds offered to them before deciding what to buy.
There are two types of customers in Global Sightholder Sales: Sightholders and Accredited Buyers. Sightholders benefit from a term contract covering the sale of diamonds over an agreed period whereas Accredited Buyers have a more ad hoc arrangement.
20,000 people worldwide
De Beers Group prides itself as the world’s leading diamond company with expertise in diamond exploration, mining, grading, marketing and retail.
Together with its joint venture partners, the Group employs more than 20,000 people across the global diamond pipeline, with many of these people in source countries of Botswana, Canada, Namibia and South Africa.
Through its own stores and its partner jeweller locations, the Group’s diamonds and jewellery designs bring joy and meaning to lovers of diamonds all around the world.