Diamond auctions down 32% year-on-year
Diamond auctions record a provisional figure of US$450 million for round 5 of its diamond auctions in 2023. This was announced yesterday June 22 by diamond producer De Beers. .
A drop of about 32% year-on-year and 6% compared to the previous cycle, the second underperformance of the year after the decrease in revenue recorded during cycle 4.
If the situation persists, it could significantly reduce the mining revenues of several African countries, including Botswana, where diamond mining occupies a central place in the economy.
The other African countries concerned are South Africa, Angola, Namibia and the DRC.
With global macroeconomic challenges continuing to impact end-customer sentiment, the De Beers CEO explained, the diamond industry remains cautious as summer approaches.
As a result, he added, demand for De Beers rough diamonds in the fifth sales cycle of the year was slightly lower than in the fourth cycle.
