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
VBJ Hosted An Exclusive Jewellery Exhibition In Karur
~ A Specially Curated Showcase Of Timeless Gold, Diamond, and Solitaire Collections ~
VBJ, Vummidi Bangaru Jewellers, India’s most trusted heirloom jewellery brand entered Karur with an exclusive jewellery exhibition from 5th & 6th June 2026 at Hotel Hemala, Heemanjali Hall, 1st Floor, 9, Police Lane Street, Karur – 639001. Owing to the overwhelming response and continued patronage from customers in the city over the years, VBJ is once again bringing its signature collections closer to jewellery enthusiasts in Karur.
The three-day exhibition showcased a thoughtfully curated range of bridal gold & diamond jewellery, necklaces, bangles, earrings, rings, chains, gemstones and solitaire creations, reflecting VBJ’s legacy of design excellence, craftsmanship, and timeless elegance.
Speaking about the exhibition, Amarendran Vummidi, Managing Partner, VBJ, said:
“The love and trust we have consistently received from customers in Karur has always been extremely special to us. It is this enduring relationship that brings us back to the city once again with a curated showcase of our collections. Through this exhibition, we presented jewellery that beautifully balances heritage, craftsmanship, and evolving design preferences.”
Adding to this, Jithendra Vummidi, Managing Partner, VBJ, shared:
“Customers today are increasingly looking for jewellery that combines wearability with distinctive design. Our exhibition in Karur has been curated keeping these evolving preferences in mind, with collections that range from heirloom-inspired bridal pieces to modern, versatile creations suited for everyday and occasion wear.”
As a fifth-generation family-run brand, VBJ takes immense pride in its legacy as the creator of the historic Sengol (sceptre) – a sacred symbol of India’s democratic journey. Rediscovered after 72 years through meticulous research by the VBJ team, the Sengol was reinstated beside the Speaker’s chair in India’s new Parliament building, Sansad Bhavan, by Hon’ble Prime Minister Narendra Modi, marking VBJ’s enduring bond with India’s cultural and national heritage. Continuing this legacy, VBJ is now set to unveil its largest jewellery showroom on Coimbatore’s 100ft Road.
Known for its bespoke creations and trusted legacy spanning over 125 years, VBJ continues to strengthen its engagement with customers across Tamil Nadu through curated showcases and personalised experiences. The exhibition will remain open from 11 AM to 8 PM on all three days.
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.