Morning Bites (part 1)

💎De Beers has reported sales of USD 480mn at its 4th cycle in 2023, 10% lower than the historical average and a 21% YoY drop (vs. -5% YoY at the third cycle in 2023). According to De Beers' Chief Executive, Al Cook, rough diamond demand was affected by current macroeconomic uncertainty and a weaker than anticipated consumer demand recovery in China

❗Importantly, according to IDEX, De Beers has postponed its auctions (generally ~10% of its rough sales) during Cycle 5 and 6 amid weak demand from Indian cutters and a consumer slowdown in the US and China. Hence, we maintain our view that unfavorable economic conditions globally, and continuously weak US jewellery sales (50% of world demand), are continuing to stress the diamond sector

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