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The value of rough diamonds sold by De Beers during its ninth sales cycle for this year reached only $80-million, compared with the $200-million sold in the eighth sales cycle.

Sales were also lower than the $454-million of diamonds sold in the ninth sales cycle of 2022.

“Macroeconomic challenges continue to affect the diamond sector. The retail recovery in China remains slow. And the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world’s largest diamond cutting centre.

“In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023. De Beers maintained support for its sightholders with full purchase flexibility as the midstream reestablishes an equilibrium between wholesale supply and demand,” De Beers CEO Al Cook comments.