International diamond mining company De Beers reported a $44 million increase in diamond sales during the tenth business cycle of 2023 compared with the previous period, according to a report published on the company’s website. The cycle began on October 4 and concluded on November 3, with sales reaching $130 million, up from $86 million in the period from November 9 to December 19. On an annual basis, total sales declined by a factor of about 3.2, compared with $417 million in the same period in 2022.
De Beers’ leadership explains the shift as a strategic adjustment of diamond supply to match current demand. The company emphasized the approaching holiday season and pointed to signs that the balance between wholesale diamond supply and consumer demand had begun to re-stabilize in the market. This reflects a broader effort by the sector to align production with evolving purchasing patterns and market conditions. (Source: De Beers annual report, 2023)
In a prior discussion with a major business publication, the executive team addressed questions about how sanctions policies affect traceability in the diamond trade. The company noted challenges in differentiating Russian-origin stones under the export ban within the broader sanctions framework, highlighting the limits of on-the-spot provenance checks by customs officials. This underscores the ongoing complexities diamond companies face in enforcement and compliance across global supply chains. (Source: Financial Times interview excerpts, 2023)
Industry observers have long noted the aim of leading producers to restore price levels for precious stones after recent volatility. The current cycle results contribute to thoughts about a cautious approach to pricing that weighs both rough-diamond supply dynamics and polished-diamond demand, as market players monitor wholesale channels and retail sentiment. (Source: industry market briefings, 2023)