Morning Bites (part 1)

💎De Beers has reported sales of USD 540mn at its third cycle in 2023, 2% softer than the historical average and 5% lower YoY (vs. -24% YoY at the second cycle in 2023). According to De Beers CEO Al Cook, the miner faced good demand for rough stones, while it is seeing some positive trends in consumer demand for gem-set jewellery. Despite the minor upbeat sentiment from the sight’s results, we keep our cautious view on the segment - De Beers YTD sales are still 21% lower YoY, while the US jewellery data has been consistently soft since late-2022. In addition, the unfavourable macroeconomic conditions globally still pose risks to the diamond sector

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