De Beers Group CEO Al Cook says natural diamond prices have stabilised and are beginning to recover as demand improves in major markets and global supply declines.
Speaking to China Global Television Network (CGTN) in Beijing, Cook said the market had shown signs of improvement in recent months.
“In the last few months, we’ve seen the price stabilise and begin to grow,” Cook said.
He attributed the shift to stronger demand, particularly in the United States and India, alongside falling global production as older diamond mines reach the end of their lives.
“We’re also seeing supply fall. Diamonds are getting rarer. Mines are closing because they’re getting older. So we’re seeing the supply fall by more than 10% at the moment,” he said.
Cook said the combination of recovering demand and tightening supply had strengthened De Beers’ confidence in the long-term outlook for natural diamond prices.
His comments come after De Beers reported a difficult first half of the year, when its average realised rough-diamond price dropped 32% year-on-year from US$155 to US$105 per carat.
However, Cook now believes the market may be entering the early stages of a recovery.
“Now is a great time to purchase natural diamonds,” he said. “We believe because the price has fallen and now we’re beginning to see it rise.”
Cook was in Beijing for the signing of the Beijing Declaration on Natural Diamonds and Sustainable Development, involving Botswana, Namibia, South Africa, the Shanghai Diamond Exchange and other industry players.
He also said De Beers intends to rebuild consumer confidence in natural diamonds in China and position them not only as luxury products, but as assets capable of retaining value over time.
