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Rough diamond production was basically flat in 2014 and is projected to remain at similar levels this year. While De Beers is expected to maintain steady production, increases by ALROSA will likely compensate for declines at other companies.
The Alrosa Sight marked the beginning of the new contract period and included several new Sightholders.
As 2015 gets underway, all eyes are turned to the gem producers. After an extraordinary and difficult year in 2014 for all the players in the industry, except for rough suppliers, everyone is hoping for great things from 2015. So, will rough prices fall in 2015?
The rough diamond price cuts by De Beers at last week’s January sight were not far reaching enough. The mining company reduced prices by an average 4 percent,
Alrosa announced, Thursday, January the 29th, that production in its fourth quarter increased 8 percent over the previous quarter, to reach 10.56 million carats.
By all accounts, the mood at this week’s De Beers sight in Botswana was grim, particularly for January—traditionally an upbeat meeting.
The “Diamond Rush” that has for so many years been both a feature, and integral part of the rough diamond cycle has been distinctly lacking in 2015, making it one of the poorest starts for the industry in several years.
The De Beers Group of Companies today (Wednesday) announced the 2015 Forward Contract Sales (FCS) program for its Auction Sales business.
Rough diamond prices are expected to soften in January with a high level of refusals anticipated at next week’s De Beers and ALROSA sales.
De Beers December sight closed with an estimated value of $600 million. Minor adjustments to prices and assortment qualities were reported in different categories, but no significant changes were noted.
With the box deferrals from last month being taken up in December, the Sight is estimated to be around $630m.
De Beers November sight closed with an estimated value of $550 million. Minor adjustments to prices and assortments were reported in different categories.