Morning Bites (part 1)

💎De Beers has reported sales of USD 450mn at its 5th cycle in 2023, 25% below the historical average and 32% lower YoY (vs. -21% YoY at the 4th cycle in 2023). Per De Beers CEO Al Cook, global macroeconomic challenges continued to affect buyer sentiment, with the sector remaining cautious heading into summer. Overall, the dynamics were in-line with recent news: De Beers has postponed its auctions (traditionally ~10% of its rough sales) during Cycles 5-6 amid weak demand from Indian cutters, in addition to the recently reduced prices. Hence, we reiterate our view that adverse economic conditions globally, and continuously soft US jewellery sales (50% of world demand), are likely to keep the diamond sector under pressure

#diamonds
https://metals-wire.com/sector/Diamonds