Morning Bites (part 2)

💎De Beers has reported sales of USD 380mn at its 4th Cycle in 2024, ~29% below the historical average and 21% softer YoY (vs. -18% YoY at the 3rd cycle in 2024). According to the company's CEO, Al Cook, the sales trended lower due to slow trading in India (~95% of the world's polished stones supply) during local elections. Meanwhile, the miner expects the diamond market to be supported in coming years by a recovery in engagements

Despite the recent De Beers price cut, sales have remained subdued, which indicates that industry stock is still elevated. We, however, reiterate our view that the global diamond market might show its first signs of recovery in the next ~6 months due to strong fundamentals

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