Morning Bites

💎De Beers has reported sales of USD 130mn at its 10th cycle in 2023, ~70% below the historical average and 69% weaker YoY (vs. -81% YoY at the 9th cycle in 2023), broadly in line with the preliminary estimates. The miner's total 2023 sales fell 37% YoY to USD 3.6bn. To recap, the weak dynamics seen in recent cycles has reflected the supply discipline measures announced by De Beers and Alrosa (which jointly accounted for ~60% of global rough diamonds output in 2022). According to De Beers CEO Al Cook, the diamond sector is regaining its balance, while polished prices look to have stabilised as inventory levels have decreased. Overall, this underpins the looming recovery in the stressed diamond sector, also bolstered by the resumption of Indian imports

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