Morning Bites

💎De Beers has reported sales of USD 370mn at its 1st cycle in 2024, ~40% below the historical average and 19% weaker YoY (vs. -67% YoY at the 10th cycle in 2023). This was roughly in line with the Rapaport estimates. According to De Beers CEO Al Cook, solid consumer demand in the US over the winter holiday season helped to stabilise the diamond industry, as did the resumption of India's rough diamond imports in late-2023. However, Cook noted that it might take some time for rough diamond demand to recover fully

Despite De Beers' ~10% rough diamond price cut in early-2024, the still weak realised volumes indicate that the elevated levels of the industry’s inventories have not been unwound yet. Therefore, the news is moderately negative for sentiment over the diamond market, in our view

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