JB Insights
De Beers’ total revenue for 2023 decreases by 35% ; underlying EBITDA plunges by 95%
De Beers reported a steep drop in revenue and profit for the year 2023, as the global diamond industry faced a severe downturn due to the challenging macro-economic conditions, limited consumer demand growth and a cautious retail scenario. De Beers’ total revenue decreased by 35% to $4.3 billion, compared to $6.6 billion in 2022. The average realised price of its rough diamonds was $147 per carat, a 25% decrease from $197 per carat in 2022.
The company attributed the lower prices to a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index, which reflects the market conditions and the product mix.
The company’s underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) plunged by 95% to $72 million, from $1,417 million in 2022. The company said the lower sales volumes and prices negatively impacted its margins in the trading business.
De Beers also recognised an impairment of $1.6 billion to the carrying value of its assets, reflecting the near term adverse macro-economic outlook and industry-specific challenges, such as the oversupply of polished diamonds, the reduced availability of credit, and the consumer preference shift to lab-grown diamonds. De Beers also reported a stable sales performance for its retail business, De Beers Jewellers, despite the global macro-economic headwinds and the challenging Chinese sector. The miner said the long-term outlook remains favourable, driven by the ongoing
JB Insights
Get WILD, WITCHY…WICKED This Halloween
Whether You Go All Out With A Costume Or Simply Wear Black, The Right Jewellery Pulls The Look Together
This Halloween, build your look around one piece of dark or dramatic jewellery, such as black crystals, an oversized ring, or oxidised silver with a bit of attitude. Whether you go all out with a costume or simply wear black, the right jewellery pulls the look together.
Halloween jewelry styling guide:
1. The Minimalist Dark Look

Vibe: Chic, effortless, and photographs exceptionally well.
Outfit: All-black attire (dress, co-ord, or kurta) with dark lipstick.
Jewelry Strategy: Focus on one light-catching dark piece (e.g., Onyx Glow Drop Earrings, Clara Noir Orb Ring, or Bianca Noir Crystal Drop Set). Stick to gold-toned accents or avoid extra jewelry to keep it intentional rather than over-the-top.
- Celestial Witch

Vibe: Mystical and witchy without wearing a traditional hat; focuses on stars, moons, and tarot themes.
Outfit: Flowy pieces in deep plum, midnight blue, or black paired with smudged eyelid shimmer.
Jewelry Strategy: Stack star-sign constellation studs (Astra Zodiac Studs), layer multiple chains with a zodiac pendant, or make a single bold statement with crescent-moon earrings (Neelambari Chand Earrings).
- Desi Horror Heroine

Vibe: Inspired by classic Bollywood horror heroines.
Outfit & Styling: Red or orange saree, smudged kohl, large red bindi, and messy hair.
Jewelry Strategy: Use antique-look oxidised silver pieces, such as peacock earrings, a ghungroo-beaded choker (Anira Flora Choker) for sound effects, and a dramatic statement ring (Riwaayat Ring).
Bonus: These items double as re-usable Diwali wardrobe pieces.
- Popular Jewelry Options & Styles

Spooky & Gothic: Spider web dangles, skull studs, skeleton hands, bone chokers, obsidian thorn necklaces, and crystal skull rings.
Artisan & Local: Handmade laser-cut wooden designs on Etsy or specialized lines
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