De Beers reported $USD380 million ($AUD579.1 million) in sales in May, which marked a 21 per cent decline on a year-on-year comparison.
This figure is a 15 per cent decline from the $USD446 million ($AUD676.1 million) in sales generated at the third cycle in April.
CEO Al Cook said these results aligned with expectations for a quiet time of year for the diamond industry.
“As expected, De Beers’ rough-diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections,” he said.
“The focus of the global diamond industry now turns towards the JCK jewellery show in Las Vegas at the end of May.
“Demand trends in the US are expected to be driven by short-term macroeconomic issues but supported in coming years by a recovery in engagements as the aftereffects of pandemic lockdowns fade.”
The second quarter is generally a slower time for diamond sales, following post-holiday restocking in the opening months of the year.
The fourth cycle took place in Botswana between 6 and 10 May. The next cycle is scheduled for 10-14 June.
De Beers rejects third BHP Group bid
Following confirmation that the company is for sale, De Beers's fate remains uncertain following the rejection of a third takeover bid from BHP Group Limited.
Stuart Chambers, chairman of parent company Anglo American, said the latest offer failed to address a number of critical concerns.
“The Board considered BHP’s Latest Proposal carefully, concluded it does not meet expectations of value delivered to Anglo American’s shareholders, and has unanimously rejected it,” Chambers said.
“In particular, it does not address the Board’s concerns about the structure, which results in significant complexity, execution risks, an extended timeline to completion and consequently has the potential for material value leakage to be disproportionately suffered by Anglo American’s shareholders.
“Multiple engagements with the BHP team have not yet been able to resolve the concerns on these issues.”
BHP has until May 29 to submit its final takeover proposal to Anglo American.
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