Morning Bites

💎De Beers has reported sales of USD 370mn at its 7th cycle in 2023, 36% below the historical average and 42% weaker YoY (vs. -36% YoY at the 6th cycle in 2023). According to De Beers CEO Al Cook, these dynamics reflect the adverse economic environment and soft diamond jewellery demand in key markets. In addition, De Beers has recently allowed sightholders to defer rough purchases (25-50% of their allocations) at cycles 8-10 amid sluggish consumer demand and high midstream stockpiles. Hence, we maintain our cautious view on the diamond sector, due to unfavourable macroeconomic conditions globally and weak US sales (50% of global diamond consumption)

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