De Beers slashes diamond sales to tackle gemstone market glut

De Beers on Thursday said it has slashed diamond sales in a bid to tackle a glut of gemstones in the market as the firm also vowed to spend an extra $20 million on advertising in a push to build demand ahead of the Christmas holiday season.

The diamond seller sold just $200 million worth of rough diamonds in the eighth sales cycle of the year — an amount 46% lower than in the previous cycle and 62% less than the same period last year. De Beers currently sells 90% of its rough diamonds to a specific cohort of just over 90 bulk purchasers, called Sightholders, and sells the remaining 10% of its stock via online auctions to around 950 accredited buyers, according to the company’s website.

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De Beers reports lower sales as rough diamond availability is reduced to help industry midstream rebance stocksThe value of De Beers' rough diamond sales for the eighth sales cycle of this year decreased to a provisional $200-million, as the diamond miner reduced its rough diamond availability in light of the industry's midstream working to rebalance certain areas of stock accumulation. De Beers had sold $508-million of rough diamonds during the eighth sales cycle of 2022 and $370-million of rough diamonds in the seventh sales cycles of this year.
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