Anglo sees diamond market "regaining its balance" as De Beers sales rise

The value of rough diamond sales from its 10th sales cycle of 2023 amounted to $130m, up from $86m in cycle nine and $80m in cycle eight.

However, that still remains more than two thirds lower than the $417m generated in the 10th sales cycle of 2022.

"In the final sales cycle of 2023, De Beers continued to offer lower levels of rough diamond supply, in line with current demand," said De Beers chief executive Al Cook.

"As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand. Polished diamond prices look to have stabilised as inventory levels have decreased, though we expect improvements in rough diamond trading conditions to be gradual."

De Beers operates diamond mines across Botswana, Canada, Namibia and South Africa, and traditionally sells 90% of its stones by value through Sightholder sales. The sales events, known as Sights, are held 10 times a year. The other 10% of its diamonds are sold via auctions.

The company has blamed "macro-economic challenges" and a slow retail recovery in China for the big drop in prices this year. There was also the recently announced voluntary moratorium by major diamond producers to curb supply to the Indian market, which is hoped to bring some stability and support to prices.