Morning Bites (part 4)

💎De Beers has reported sales of USD 450mn at its 1st cycle in 2023, 27% below the historical average and 32% lower YoY (vs. +24% YoY at the 10th cycle in 2022). According to De Beers CEO Bruce Cleaver, the cycle’s sightholders were cautious in late-2022 when planning their 2023 spending, with a greater weighting of goods expected to be bought in the coming months. Cleaver also noted some positive demand prospects, with China reopening and inflationary pressures in many major economies gradually decreasing. Weak January sales support our view that global diamond demand is likely to remain squeezed amid the adverse macroeconomic conditions, at least in the near future

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