De Beers Group, the world's largest diamond producer, is grappling with a significant decline in demand, leading to its highest diamond stockpile since the 2008 financial crisis. Factors contributing to the slump include waning Chinese demand, rising competition from lab-grown diamonds, and the lingering effects of pandemic lockdowns. To address the situation, De Beers has implemented measures to curb supply, including reducing mine production by 20% and lowering prices at recent auctions.
De Beers Group has amassed its biggest stockpile of diamonds since the 2008 financial crisis, laying bare the group’s challenge in reviving demand for jewels long seen as the pinnacle of luxury. A slump in Chinese demand, intensifying competition from lab-grown alternatives and the legacy of pandemic lockdowns, when the number of marriages fell, has left the world’s biggest diamond producer by revenue with inventory worth about $2bn.
Anglo’s chief executive Duncan Wanblad has warned that disposing of De Beers, either through a sale or an initial public offering, could be complicated by the weak state of the diamond market. In an effort to boost sales, De Beers launched a marketing push in October focused on “natural diamonds”, echoing its famous advertising campaigns of the second half of the 20th century.
DEMAND DIAMONDS DE BEERS STOCKPILE LUXURY
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