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
India Doesn’t Have Any Jewellery Brands; They Are Marketplaces Masquerading As Brands
Amit Kumar, CEO & Co-founder, QWEEN, speaking to JewelBuzz, said jewellery brands are actually “marketplaces masquerading as brands.” QWEEN disrupts the fragmented diamond industry by replacing “aggregator” models with a 100% natural, Mine-to-Market approach. By sourcing exclusively from Rosy Blue, they maintain a closed-loop supply chain that guarantees a documented, audited journey for every stone. Moving beyond marketing jargon, QWEEN prioritises transparency and ethical integrity through Kimberley Process compliance, transforming the intimidating traditional buying process into a confident, self-discovery experience for the modern woman.
You’ve made a bold claim that most Indian jewellery brands are actually “marketplaces masquerading as brands.” What do you mean by that?
For decades, the industry has operated on an illusion. Most retailers act like aggregators—they source diamonds from a vast web of multiple vendors in various batches. Much like a restaurant sourcing ingredients from different suppliers to save costs, these jewellers prioritise efficiency over consistency. The result is a fragmented supply chain where even the jeweller often cannot tell you the true origin of the stones they are selling. We felt modern luxury deserved better than that ambiguity.
QWEEN calls itself India’s first “100% natural, Mine-to-Market” brand. How does your sourcing model actually differ from the norm?
We chose a path that is intentionally harder and slower. Instead of juggling multiple vendors, we source every single diamond from one revered origin: Rosy Blue. With over 63 years of heritage, they aren’t just a supplier; they are our strategic supply-chain investors. Because they are sightholders with direct access to ethically sourced rough diamonds, we have a documented, audited chain of custody. We don’t just trace a diamond to a country; we trace it through its entire journey.
Ethical sourcing is a popular buzzword. How do you move beyond “marketing narratives” to provide verifiable proof to your customers?
We believe trust is built through structural integrity, not just slogans. Every diamond at QWEEN is Kimberley Process compliant, meaning it is verifiably conflict-free by global standards. Because we don’t deal in “mixed batches,” there is zero room for inconsistency. We intend to prove this transparency directly to our customers within our retail stores, showing them the verifiable truth behind their purchase.
You often mention moving away from “jargon and intimidation” in the buying process. What does the “self-discovery” experience look like for a woman shopping at QWEEN?
Historically, buying diamonds has felt transactional or even intimidating. We want to change that. When a woman understands exactly where her diamond came from, who worked on it, and why it’s graded a certain way, the purchase transforms. It’s no longer about pressure; it’s about ownership and confidence. We want our customers to connect the diamond’s journey to their own identity and values.
What is next for QWEEN, and where can customers experience this new model of luxury?
Our philosophy is coming to life in our upcoming experiential stores in Bangalore and Delhi. These won’t just be retail spaces; they are environments designed for clarity and intent. We aren’t building this brand on the size of our assortment, but on the courage to do things differently.
| Feature | Traditional Marketplaces | QWEEN (Mine-to-Market) |
|---|---|---|
| Sourcing | Fragmented: Diamonds pass through many hands, making it hard to pinpoint origin. | Single Source: Sourced directly through Rosy Blue, ensuring a closed-loop system. |
| Traceability | Opaque: Often impossible to guarantee the exact journey of a specific stone. | Fully Documented: Offers a clear, verifiable chain of custody from the mine to the wearer. |
| Ethical Standards | Inconsistent: Rely heavily on vague marketing or secondary certifications. | Strict Compliance: 100% Kimberley Process compliant with rigorous ethical oversight. |
| Customer Vibe | Transactional: Can feel cold, intimidating, and buried in technical jargon. | Experiential: Focuses on the “story” of the diamond, making it personal and relatable. |
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