Q1 Diamond Production Up 25% for De Beers
Rio Tinto, meanwhile, saw production slip due in part to COVID-related employee absences.
First-quarter production for De Beers totaled 8.9 million carats, up 25 percent from Q1 2021 (7.2 million carats) and 16 percent when compared with the previous quarter (Q4 2021, at 7.7 million carats).
South Africa, where De Beers has just one mine now, Venetia, posted the highest year-over-year production increase at 46 percent due to treatment of higher-grade ore from the final cut of the open pit.
Production in Namibia was up 33 percent primarily due to higher recovery from Namdeb’s ocean crawler vessels, with less planned maintenance on the Mafuta and the new diamond recovery vessel, the $420 million Benguela Gem, rolling out earlier than expected.
Production in Botswana, where De Beers operates with the government as Debswana, rose 25 percent from increased processing at Orapa and Jwaneng, as well as planned higher grades.
The only country to record a decline in first-quarter diamond production for De Beers was Canada.
Production at the company’s only mine there, Gahcho Kué, fell 15 percent as a result of treating lower-grade ore.
In the release for its Q1 production results, De Beers shared the same sentiment it did when reporting its most recent rough diamond sales.
Demand for rough diamonds has remained robust in 2022, it said, but current events, including the war in Ukraine and recent COVID-19 outbreaks in China, have diamond companies on alert going into Q2.
“As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as the impact of COVID-19 lockdowns in China,” De Beers said.
The company’s production guidance for the year remains unchanged at 30-33 million carats.
The miner recovered 991,000 carats at Diavik, down 1.6 percent when compared with the first quarter 2021 (1 million carats) and 14 percent from the previous quarter (Q4 2021, 1.2 million carats).
Rio Tinto said COVID-related employee absences and an unplanned outage that impacted processing affected its first-quarter results.
Despite the slow start, the miner’s guidance still calls for Diavik’s production to top last year’s, totaling between 5-6 million carats, compared with 3.8 million carats in 2021.
Diavik is Rio Tinto’s only active diamond mine. It took 100 percent ownership of the mine in November 2021.
Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.
With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.
Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
Johnson joined the retailer in 1987, establishing its first human resources department.
Supplier Spotlight Presented by IGI
The industry gathered to celebrate those who elevate the jewelry and watch industries.
De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
At JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.
It highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.
Jewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.
Here’s what the nine chosen organizations plan to do with the funds.
The designer is nominated for a Gem Award for Jewelry Design.
The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.
In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.
See 15 fabulous pieces from the 2023 Gem Award for Jewelry Design nominees: Anita Ko, Kirsty Stone, and Ron Anderson and David Rees.
The new Cal. E365 movement doubles the running time of the current Eco-Drive models.
The mood is bullish as more companies get into the business despite the dramatic drop in lab-grown diamond prices.
Hari Krishna Exports and the Dholakia Foundation’s “Mission 100 Sarovar” aims to create 100 lakes to help revive an area of Gujarat.
The educational resource will highlight the positive impact diamonds can make on their journey from mine to market.
Australian mining company Burgundy Diamond Mines announced plans to buy the mine in a deal valued at $136 million.
A 17th-century gold seal ring and an 18th-century memento mori ring met or exceeded estimates at a recent Noonans auction.
They will be recognized at the organization’s annual luncheon this weekend in New York City.
Sherry Smith breaks down the results so far this year, including which categories are the sales standouts and which are struggling.
The 1,000-year-old find is now on display in the Dutch National Museum of Antiquities.
More than 200 exhibitors are scheduled for the May 11-14 event.
Gove, who has more than a decade of experience in the diamond industry, is Opsydia’s new sales and marketing director.