The mining company hosted its fifth sales cycle between 10-14 June in Botswana, achieving $USD315 million ($AUD474.2 million) in sales, a 31 per cent decrease on a year-on-year comparison.
These sales also marked a notable decline from the fourth cycle (18 per cent) and the third cycle (29 per cent) earlier this year.
In a statement, De Beers said it still expects the market to take multiple years to recover.
“The northern summer is generally a quieter period for rough-diamond sales, and this was reflected in our cycle five sales,” said CEO Al Cook.
“The recent annual JCK jewellery show in Las Vegas confirmed a resurgence in retailers’ interest in natural diamonds in the US, but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand.”
The next sight is scheduled to run from 22-26 July.
Playing the long game
The diamond industry was whipped into a frenzy earlier this year when it was announced that parent company Anglo American was exploring sales options for De Beers.
In a recent interview with Reuters, Mark Wall, CEO of Mountain Province Diamonds, reported that any potential sale would be a long-term development for the company.
Mountain Province Diamonds is partnered with De Beers in the Gahcho Kué mine in Canada.
“I have had many discussions with De Beers Canada,” Wall said.
“What I am getting is no one is rushing into anything. There is an acceptance that this is going to take some time.”
JCK Online recently reported that any potential sale would take at least 12-18 months.
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