De Beers' sales of raw stones fell for the sixth consecutive cycle, the global diamond industry continued to slow down, and the company further reduced prices.
According to the mining company's report, transaction volume in July decreased by 36% compared to the same period last year, to $410 million. The total amount decreased by 10% compared to June, when sales were $456 million.
Sources told Rapport News earlier this month that the mining company has reduced the prices of many raw stones of 0.75 carats and above in supply, reflecting weak demand for bare diamonds of 0.30 carats and above in the United States. De Beers also continues to implement the policy of allowing subscribers of certain products with low sales performance to return up to 30% of their raw stone purchases to the company. Goods bought back by De Beers from customers are not included in its reported sales value.
According to Rapaport's calculation based on the company's report, De Beers' sales of raw stones in the first six sales cycles in 2023 decreased by 25% year on year, to 2.84 billion US dollars. The company holds 10 supply meetings in Gaborone, Botswana every year, and the next supply meeting is scheduled to be held from August 14 to 18.