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In part 2 of our exit interview with De Beers CEO Bruce Cleaver, he reviews the big events of his tenure, from Nirav Modi’s implosion to the COVID-19 pandemic to De Beers’ still-controversial introduction of lab-grown brand Lightbox.
The diamond market has yet to feel the full effect of the war in Ukraine. Initial predictions pointed to a potential supply shortage that would result from having Alrosa, with its large share of global rough production, off the market. However, those scarcities have not emerged significantly.
De Beers saw a slowdown in rough sales at its January sight, as clients were hesitant to buy at the start of the year.
Press release – De Beers Group [announced February 1] the value of rough diamond sales (Global Sightholder Sales and Auctions) for the first sales cycle of 2023.
The Indian government has abolished its import tax on synthetic-diamond seeds and pledged extra funding in an effort to develop the country’s lab-grown industry.
De Beers’ prices jumped last year as steady retail sales and shortages of Russian goods supported demand for the miner’s production.
Purchased directly from Rio Tinto, the collection consists of pinks, purples and one red, none larger than 1.52 carats.
Some jewelers are keeping their synthetics sales low-key to avoid pushback from the trade.
De Beers’ CEO transition—which was scheduled to occur early this year—has been given a date: Feb. 20.
Charles Stanley, who has been with the company for more than two decades, will step down at the end of February.
De Beers has made sharp price changes at this week’s sight, implementing deep reductions in larger goods and increases for smaller stones.
Press release: 1ct. RAPI -1.5% in December; -10.7% in 2022.
