The De Beers Group has published its first results for 2024 and its outlook for 2025.
Group sales in 2024 were $3.3 billion, down 23% on 2023.
Volume sales were down 28% on 2023, despite a 3% increase in average prices, reflecting the resilience of higher-value stones. Value sales were down 25%.
Diamond production in carats fell by 22% compared with 2023, with a peak drop of 27% in Botswana due to the drastic fall in production at the Jwaneng mine.
Forecasts for 2025 have been revised downwards: 20-23 million carats versus the 30-33 million initially forecast.
This is due to a desire not to overstock, as the company already has significant inventories estimated at around $2 billion.
Competition from lab-grown diamonds remains fierce, with natural rough diamonds falling by 25% over the last two years, and polished stones by around 25-30%.
The slowdown in the Chinese market is still weighing on results (down 50% on the pre-pandemic period), but the US and India are making progress.
De Beers is trying to maintain its prices (despite a slight drop that buyers believe to be insufficient), in particular by grouping sights together and planning to reduce the number of sightholders.
Read the full report HERE
Source : De Beers
Comments source: De Beers, zonebourse, RFI, mines.cd
