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Morning Bites (part 1)

💎De Beers has reported sales of USD 430mn at its 2nd cycle in 2024, ~27% below the historical average (vs. -40% at the 1st cycle in 2024) and 14% softer YoY. According to company CEO Al Cook, the ongoing economic uncertainty in the US has led to conservative downstream restocking after the 2023 holiday season, while consumer demand for diamond jewellery remains sluggish in China. At the same time, De Beers expects the demand for rough diamonds to recover gradually in 2024

In our view, the still weak realised volumes imply that elevated levels of the industry’s inventories have not been unwound yet, despite De Beers' ~10% rough diamond price cut in early 2024. Meanwhile, we expect the global diamond market to show some recovery in the next 3-9 months

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