De Beers Diamond Sales Slump
- Anglo unit sold just $80 million of stones at end of October
- Diamond demand has weakened after the end of Covid-19 pandemic
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De Beers sold the least diamonds since halting sales altogether during the height of the global pandemic, as the industry struggles with weak demand and too much stock.
De Beers sold just $80 million of rough diamonds at the end of October, compared with $454 million a year earlier. The Anglo American Plc unit gave buyers the right to pretty much refuse to purchase all the stones they’re contracted to buy for the last two sales of the year.