DiamondBuzz
De Beers leaves rough prices unchanged at the first cycle of the year
De Beers left rough prices unchanged at the first cycle of the year after December’s sharp reductions. It allowed 20% buybacks for all goods — a mechanism that lets sightholders sell the least profitable stones back to the company. Demand was weak, with sales value expected to be low.
But the question on sightholders’ lips was what would happen next. One of the main reasons for the low sales was De Beers’ high prices. The miner’s rough remains significantly more expensive than the tender and auction market.
The company’s December price change of 10% to 15% went only part of the way toward closing this gap. Russian rival Alrosa has now reached similar price levels: It followed a December cut of around 10% with a further one of 7% to 8% in January, market insiders said.
Gold and silver surged on Thursday morning, clawing back losses from Wednesday’s sharp drop. The rally was fueled by short-covering (investors closing out bets that prices would fall) and dropping oil prices linked to the newly published US-Iran interim agreement.
Key Market Levels:
- Spot Gold: Up 1.4% to $4,316.42/oz.
- Spot Silver: Jumped 1.8% to $69.18/oz.
- Platinum: Gained 1.2% to $1,757.53/oz.
Local Indian Spot Prices (22K Gold: Rs. 14,060 / gram, 18K Gold: Rs. 11,770 / gram, Pure Silver: Rs. 270 / gram.
The US and Iran published a 14-point interim accord, extending their ceasefire by 60 days. While President Trump issued stern warnings regarding compliance, the temporary stabilization dragged oil down, easing inflation fears and prompting a swift recovery in metals.
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