SurveysOct 26, 2021
We’ve Reached the Sustainability ‘Tipping Point,’ De Beers SaysSourcingOct 27, 2021
De Beers Sees Q3 Production Climb, Trims Full-Year Forecast
Production rose 28 percent in the third quarter as De Beers ramped up mining operations to meet demand.
Work at the diamond mines owned and operated by De Beers Group picked up in the third quarter. Pictured is a digger loading kimberlite into haul trucks at the Orapa mine in Botswana; overall diamond production in Botswana rose 33 percent in Q3. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—Production rose 28 percent year-over-year in the third quarter for De Beers Group as the diamond miner and marketer worked to keep up with demand.
Diamond production in the quarter totaled 9.2 million carats, compared with 7.2 million carats in the third quarter 2020.
Breaking it down by country, production in Botswana rose 33 percent to 6.4 million carats, with planned treatment of higher-grade ore only partially offset by lower production at the Orapa with the planned closure of Plant 1.
In Namibia, production jumped 65 percent year-over-year to 400,000 carats. Namdeb’s marine mining fleet was beached during Q3 2020 in response to lower demand at that time.
South Africa’s production rose 34 percent to 1.6 million carats, as De Beers treated higher-grade ore from the final cut of Venetia’s open pit (plans call for the mine to soon go underground) and plant performance improved.
Canada was the only country to record a decline in production, with De Beers mining 800,000 carats there in Q3, a 13 percent drop due to lower-grade ore being processed.
Year-to-date in 2021, De Beers has produced 24.6 million carats of diamonds, a 33 percent increase over 18.4 million carats in 2020, when COVID-19 hampered production.
Compared to 2019, De Beers’ year-to-date production total is up 7 percent.
De Beers noted that demand continues to be strong, as rough diamonds keep flowing through the midstream to satisfy consumer demand for polished diamonds in the United States and China.
Rough diamond sales totaled 7.8 million carats in from two sights in Q3 2021, compared with 7.3 million carats from two sights in Q2, and 6.6 million carats from three sights in Q3 2020.
Despite strong demand, De Beers is trimming its full-year production forecast, stating it now expects to mine about 32 million carats of diamonds, down from previous guidance of 32-22 million carats.
It cited “continuing operational challenges,” and noted its forecast is subject to any further COVID-19- related disruptions.
More on Sourcing
The Latest
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Weekly QuizNov 14, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light DisplayInstead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.
