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The belief is that the revised scheduling will better support sight holders’ business needs as they head towards the end-of-year season
As the diamond industry faces low demand and dropping sales, De Beers has called off its August sight and rescheduled sale dates for later this year. The industry is battling high inventories.
As a result, the miner has combined the August and October trading sessions into one sight that will take place in September. This comes in the wake of a production cut in India which is estimated at 50 percent.
Therefore, the merged sight 7 and 8 will run from September 23 to 27, according to the communication to sight holders. Previously, sight 7 was scheduled for August 26 to 30, while sight 8 was due to take place from October 7 to 11. Sight 9 will occur from November 4 to 8, having previously been set for November 11 to 15. Sight 10 will take place from December 2 to 6, instead of December 9 to 13 as planned.
The belief is that the revised scheduling will better support sight holders’ business needs as they head towards the end-of-year season. Lately, Okavango Diamond Company sold USD 55.5 million worth of rough diamonds from its August spot auction which is a decline from USD 66.6 million made in June which showcases a declining demand.
Meanwhile, the latest statistics from the Kimberley Process Certification Scheme (KPCS), the global authority overseeing the trade and production of diamonds, underscore Africa’s vital role in the global diamond industry.
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Africa dominate the diamond production landscape, with eight of the continent’s countries ranking among the top ten diamond producers worldwide. Botswana stands at the forefront, reinforcing its position as Africa’s leading diamond producer and securing the second spot globally, just behind Russia. Botswana’s diamond industry continues to make a significant impact on the international stage, with a remarkable production volume of 24.5 million carats valued at USD 3.2 billion.
Angola comes as the second-largest diamond producer in Africa, with a production volume of 9.7 million carats and a production value of USD 1.5 billion. The Democratic Republic of Congo (DRC) comes in third place having produced 8.3 million carats of diamonds, with a value of USD 64 million, showcasing its strong presence in the industry as South Africa occupies fourth position.
