De Beers is resuming its rough diamond auctions next week for the first time since last September.
The UK-based miner cancelled the online sales during its 9th and 10th sales cycles as demand slumped globally.
Al Cook, CEO, said at the time that De Beers was suspending the auctions to help “re-establish equilibrium between wholesale supply and demand”.
The first rough auction of 2024 will take place from 16 to 18 January.
During cycle 8 last year, De Beers sold just $200m, the second lowest figure since it started reporting Sight totals in 2016.
Auctions account for around 10 per cent of its rough sales and have 950 registered buyers. Sights account for 90 per cent.
De Beers Group’s total rough diamond sales during 2023 were $3.63 bn, down 37 per cent on 2022.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
