Morning Bites (part 2)

💎De Beers has reported sales of USD 495mn at its 2nd cycle in 2023, 16% below the historical average and 24% lower YoY (vs. -31% YoY at the 1st cycle in 2023). According to De Beers CEO Al Cook, rough diamond demand remained steady, despite the lower sales YoY. It was also mentioned that sightholders are planning to make more purchases later in 2023. However, we maintain our cautious view on the sector, given weak rough diamond sales (since early-2023) and consistently soft US jewellery data (since October 2022). Hence, we believe global diamond demand will remain weak (at least in the near future), following the adverse macroeconomic conditions

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