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De Beers’ third rough-sales cycle remains sluggish

Proceeds at De Beers’ third rough-sales cycle of the year remained sluggish compared to a year earlier but continued to see improvement despite entering a traditionally slow period for the industry.

De Beers brought in $445 million in April, down 18% versus the equivalent period in 2023, it said Wednesday. However, that figure is 3% higher than the $431 million the company reported at its second sight of the year, which ran from February 26 to March 1, and 19% higher than the January sight.

The continued rise between sights shows a distinct trend toward recovery in the market after months of slow demand, oversupply in the midstream and hesitancy from retailers to purchase polished.

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