Morning Bites (part 1)

💎De Beers has reported sales of USD 410mn at its 6th cycle in 2023, 22% below the historical average and 36% lower YoY (vs. -25% YoY at the 5th cycle in 2023). According to De Beers CEO Al Cook, adverse macroeconomic conditions globally continue to put pressure on the diamond industry, particularly the midstream’s purchases. The weak sales generally continued the negative trend of recent months: De Beers lowered its prices 5-20% at the 6th Cycle, as well as postponed its auctions (historically ~10% of its rough sales) during Cycles 5-6 amid soft demand from Indian cutters. Hence, we maintain our cautious outlook on the diamond sector, given the adverse economic conditions globally and ongoing weak US sales (50% of the world gem-set jewellery trade)

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