De Beers Sees 22% Dip in H1 Revenue to $2.8 Billion

The company’s total revenue for the six months that ended June 30 2023 decreased 22% year-on-year to $2.8 billion, with rough diamond sales decreasing 24% to $2.5 billion, reflecting the softening in demand.

Total rough diamond sales volumes of 15.3 million carats were in line with the prior-year period, as a result of a higher proportion of lower value rough diamonds being sold in 2023, it said. This impacted the average realized price in the first half of the year, which decreased by 23% to $163/ct versus $213/ct last year, and reflects the more cautious approach Sightholders took to planning their 2023 allocation schedule due to the uncertain macro-economic outlook, De Beers noted.

The average rough diamond price index also decreased by 2%, reflecting the overall softening in consumer demand for diamond jewellery and build-up in rough diamond inventory in the midstream.