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
Devotion, Heritage & Diversification: The defining trends of SSI Delhi’s 3rd Edition
From sacred artistry to lifestyle-driven expansion, how top exhibitors bridged timeless tradition with modern market demand.
Spirituality as a design anchor
Devotional and spiritual artistry emerged as the single strongest thread of the show. Ricchezza’s Idols Collection, SILORA’s Shrinathji timepiece, Purple Jewels’ Balaji idols and Shiva Lingam, and Anmol Jewellers’ extensive range of silver and gold idols (Vishwarupa, Panchmukhi Hanuman, Ram Parivaar, and more) together show that sacred and devotional pieces are no longer a niche category but a mainstream, premium-positioned offering across exhibitors.
Antique, oxidized and heritage finishes
SILORA’s glorious Antique Finish Collection and Oxidized Silver Jewellery reflect a broader pull toward deep patina, folk-tribal textures, and traditional Indian artistry — a counterpoint to high-polish contemporary pieces and a signal that heritage aesthetics remain commercially strong.
Rose gold’s continued momentum
Rose gold surfaced across multiple product types — not just jewellery but also timepieces — as seen in SILORA’s Luxe Rose Gold Finish Jewellery and rose-gold-finished watches, reinforcing its position as a staple modern finish rather than a passing trend.
Category expansion beyond traditional jewellery
Exhibitors are widening their range beyond rings, chains, and bangles. Ricchezza’s Anamitra line targets infants, while SILORA’s Exclusive Timepieces extend a jewellery brand into horology — both pointing to lifestyle-driven diversification as a growth strategy.
Gender-Specific Design Lines
Distinct masculine and feminine lines were a notable feature, exemplified by Ricchezza’s Cuban Collection (bold, masculine) alongside Tixty (chic, feminine) — indicating that targeted, gender-specific collections continue to be a deliberate merchandising strategy rather than a one-size-fits-all approach.
Mastery in Silver Artefacts and Idols
Both Purple Jewels and Anmol Jewellers demonstrated the depth of skill in silver idol-making, from the Saptashwa Vase’s mythological detailing to the technical complexity of Vishwarupa and Panchmukhi Hanuman forms, underscoring silver artefacts as a distinct and thriving craft category alongside wearable jewellery.
Balancing tradition and modernity
Taken together, the exhibitors at the 3rd edition of SSI Delhi painted a picture of an industry balancing tradition and modernity — where antique finishes and devotional artistry sit comfortably alongside rose gold sophistication, gender-targeted lines, and category extensions such as infant jewellery and timepieces. This blend of heritage craftsmanship and contemporary lifestyle relevance appears to be the defining character of the show.
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