top of page
Laxmi Diamonds.png

De Beers’ total revenue for 2023 decreases by 35% ; underlying EBITDA plunges by 95%

De Beers reported a steep drop in revenue and profit for the year 2023, as the global diamond industry faced a severe downturn due to the challenging macro-economic conditions, limited consumer demand growth and a cautious retail scenario. De Beers’ total revenue decreased by 35% to $4.3 billion, compared to $6.6 billion in 2022. The average realised price of its rough diamonds was $147 per carat, a 25% decrease from $197 per carat in 2022.

The company attributed the lower prices to a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index, which reflects the market conditions and the product mix.

The company’s underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) plunged by 95% to $72 million, from $1,417 million in 2022. The company said the lower sales volumes and prices negatively impacted its margins in the trading business.

De Beers also recognised an impairment of $1.6 billion to the carrying value of its assets, reflecting the near term adverse macro-economic outlook and industry-specific challenges, such as the oversupply of polished diamonds, the reduced availability of credit, and the consumer preference shift to lab-grown diamonds.

For more Updates Do follow us on Social Media



bottom of page