SourcingMay 17, 2023
Alrosa Names New CEOSourcingMay 22, 2023
De Beers Consolidates Auctions as Diamond Sales Lose Steam
The company confirmed it will be combining the auctions for the fifth and sixth sales cycles into one.
De Beers Group’s most recent rough diamond sales showed a slowdown in demand in the market, with sales down 21 percent year-over-year and 11 percent from the previous sales cycle. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—Rough diamond sales slowed for De Beers Group in May and the company confirmed it will be consolidating two upcoming auctions in response to the drop in demand.
De Beers’ sales of rough diamonds to both sightholders and auction customers totaled $480 million between May 1 and 16, its fourth round of sales this year.
That is down 21 percent from the same period last year ($604 million), and 11 percent from the third sales cycle ($542 million).
CEO Al Cook blamed the decline on a slower-than-anticipated recovery in consumer demand in China following the lifting of COVID restrictions as well as “ongoing macroeconomic uncertainty.”
He also noted the industry is entering what is normally a quieter time for diamond demand.
Year-to-date, De Beers’ rough diamond sales continue to pace about 20 percent behind last year’s total.
Sales stand at $2.03 billion through the fourth sales cycle of 2023, compared with $2.48 billion at this point last year.
De Beers confirmed that it will be combining both its interim and main auctions for the fifth and sixth sales cycles of the year. It said the decision, “reflects our sustainable and responsible approach to rough diamond supply and acknowledges the business needs of [auction] customers.”
It has not yet announced a viewing schedule or sale dates for the next sale.
De Beers sells as much as 10 percent of its production via auction, with the remaining 90 percent going to sightholders.
The company’s interim auctions take place earlier in the sales cycle and feature smaller, lower-quality goods, while the main auction has some lower-quality goods as well as the larger goods leftover from the sightholder viewings.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’The ads celebrate the mall culture of the ‘80s and ‘90s.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is OutThe first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—HodinkeeThe company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.
