Given the threat of potential G7 sanctions on Russian diamonds and disappointment that China‘s post-lockdown recovery hasn’t materialised, the diamond market remains depressed.
At cycle 4, De Beers reported a 20% decline in rough sales and blamed it on China‘s weak demand. Additionally, it cancelled auctions in response to bidders’ negative attitudes.
At its May tender, Petra saw dramatic decreases in both revenue and prices and withheld parcels weighing more than 75,000 carats due to low demand.