Mined Diamonds

By FRANCESCA WASHTELL FOR THE MAIL ON SUNDAY

Sales at the world's leading diamond group De Beers soared by more than a fifth at the end of 2022.

The mining and trading firm sold £340million of the gems at its auction last month – up from £279million in December 2021.

De Beers, owned by FTSE 100 mining group Anglo American, sells rough stones to diamond cutters and polishers at ten sales cycles every year, known as 'sights'.

Best friend: Actress Lupita Nyong'o is De Beers' first global ambassador

 Actress Lupita Nyong'o is De Beers' first global ambassador

The South Africa-based firm was behind the 'a diamond is forever' advert in 1947, which revolutionised the industry.

It recently appointed Kenyan actress Lupita Nyong'o, who won an Oscar for 12 Years A Slave, as its first global ambassador.

Before the pandemic, diamond prices were falling as the market struggled with oversupply, economic slowdown in China, and a global squeeze on luxury goods spending.

Despite the recent sale there are fears prices may stall again. Though up on a year ago, the estimated sales at the December auction were down 10 per cent on the November one, where the firm made £377million.

Soaring inflation and the cost-of-living crisis may hit the jewellery sector this year, while Covid's resurgence in China may slow spending on luxury items. Lab-grown diamonds that cost a fraction of mined stones are also now available.

Anglo took over De Beers in 2012, when it bought the stake owned by the South African billionaire Oppenheimer family.

One-hour Consultation with Marty for $695

Schedule Meeting  ›