De Beers has reported a significant rise in rough diamond sales, attributing this increase to a surge in consumer demand within the Indian market. Specifically, sales for the second sight of 2024 experienced a 15% increase, amounting to $430 million, compared to the first sight of the year. This growth comes despite a dip from the previous year’s figures and amidst fluctuating global market conditions.
De Beers Group CEO Al Cook said: “I’m pleased to see a further increase in demand for De Beers rough diamonds during the second sales cycle of 2024. However, ongoing economic uncertainty in the US has led to retailers restocking conservatively after the 2023 holiday season. Consumer demand for diamond jewellery is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year.”
Implications for the Industry
The shifting sales dynamics underscore the significant impact of regional demands on the global diamond trade. For jewellers, understanding these trends is crucial for inventory and marketing strategies, especially in navigating the complex landscape of consumer demand and economic indicators.
