Tuesday, April 23, 2024

De Beers expects rebound in 2023 

De Beers, the diamond mining giant which registered an almost $2 billion loss, expects growth to return to the diamond industry only in 2025 – noting that the diamond industry conditions are forecasted to remain challenging in the short term.

The rough diamond trader said the midstream (diamond cutting and polishing) and retail (jewellery) demand stabilised towards the end of 2023, but inventories of rough diamonds reportedly grew at producers globally. 

“Over the course of 2024, assuming a measured approach from producers to the release of upstream inventory, the high midstream inventory levels seen in 2023 are expected to decline as retailers replenish their stocks,” according to financial statements released by De Beers’ 85 percent majority owner Anglo American this week. The Botswana government owns 15 percent, with diamond exports accounting for over 80 percent of the country’s total exports and contributes around 30 percent to the Botswana government’s revenues. 

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