De Beers’s diamond revenue in July fell “off the proverbial cliff” to the lowest level since reporting on the outcomes of each of the company’s 10 annual sales events started in 2016.
“Rough diamond sales fell off the proverbial cliff in Cycle 6,” said Yuen Low, an analyst at Shore Capital. “With ongoing macroeconomic uncertainty, retailers managing inventory levels, and polished diamond inventories in the midstream continuing to be higher than normal, De Beers Group provided customers with additional flexibility to defer some of their rough diamond allocations to later in the year,” Cleaver said in a statement on Tuesday.
Cleaver said in the interview De Beers had ramped up advertising and marketing spend in 2019 to $170m, focused mainly on the run-up to the year-end diamond jewellery sales in the US, the world’s leading market for these products, as a way to stimulate demand for polished diamonds and removing inventory held by cutting and polishing firms, collectively known as the mid-stream segment.
Another house of cards.....consumers no longer bedazzled by shiny rocks...too busy paying insane electricity and municipal rates.
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