Morning Bites (part 4)

💎De Beers has reported sales of USD 80mn at its 9th cycle in 2023, ~80% below the historical average and 82% weaker YoY (vs. -61% YoY at the 8th cycle in 2023). Overall, the weak dynamics reflect the supply discipline measures announced recently by De Beers and Alrosa (which jointly accounted for 59% of global rough diamonds output in 2022), following sluggish consumer demand and high mid-stream stockpiles. According to De Beers CEO Al Cook, the adverse macroeconomic environment continues to weigh on the diamond sector, with a slow recovery in China's retail sales. Hence, we maintain our cautious view on the diamond sector, amid the unfavourable economic conditions globally and weak sentiment on the main retail gem-set jewellery markets (the US and China, which jointly represent ~65% of the global demand for polished stones)

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