SourcingMay 26, 2022
Q&A: Deciphering De Beers’ Blockchain PlatformSourcingJul 26, 2022
De Beers to Mine More Diamonds This Year Than Originally Planned
The company upped its 2022 production guidance despite warning of a potential slowdown in diamond jewelry sales. Here’s why.
De Beers Group now plans to mine up to 34 million carats of rough diamonds in 2022 due to ongoing sanctions on Alrosa and continued development of tools like its Tracr blockchain platform. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—De Beers Group is increasing is 2022 production guidance, citing the ongoing sanctions against Russia and continued development of provenance platforms like Tracr, which it says can track diamonds from mine to market.
In reporting its second-quarter production results last Thursday, De Beers said it is increasing its 2022 guidance to 32-34 million carats, up from 30-33 million carats.
“While consumer demand for natural diamonds continued to be robust in the first half, a deterioration of global macro-economic conditions and reduced consumer spending could impact demand for diamond jewelry,” the company said.
“Despite this, the combination of ongoing sanctions against Russia, decisions from a number of U.S.-based jewelry businesses to apply their own restrictions on purchases of Russian diamonds, and continued development of provenance initiatives has the potential to underpin continued demand for De Beers’ rough diamonds.”
De Beers said rough diamond sales totaled 9.4 million carats from three sights in the second quarter, up from 7.3 million from two sights in Q2 2021 and 7.9 million from two sights in Q1 2022.
Diamond prices also continue to rise.
De Beers’ average realized price has increased 58 percent in the first half of the year to $213/carat (H1 2021: $135/carat).
The rough diamond price index is up 28 percent, reflecting consumer demand as well as tight supply across the value chain.
While De Beers aims to increase production for 2022, treatment of lower-grade ore at its operations in Botswana and Canada led to a dip in Q2.
The company’s rough diamond production was down 4 percent year-over-year to 7.9 million carats compared with 8.2 million carats in Q2 2021.
In Botswana, production slipped 4 percent to 5.5 million carats due to the processing of lower-grade ore at both the Jwaneng and Orapa mines.
Production was also down 4 percent in South Africa and fell 28 percent in Canada to 643,000 carats due to the treatment of lower-grade ore, unscheduled plant maintenance and COVID-related absenteeism.
Namibia was the only country to report an increase in production, with recovery climbing 68 percent to 565,000 carats due primarily to the performance of the Benguela Gem, the new marine mining vessel that launched in the first quarter.
Year-to-date, De Beers’ production is up 10 percent, totaling 16.9 million carats compared with 15.4 million at the same time last year.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for SuccessIn his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store OpeningThe new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
FinancialsJan 28, 2026
Tiffany & Co., Bulgari Sales Resilient as LVMH’s 2025 Sales SlipThe brands’ high jewelry collections performed especially well last year despite a challenging environment.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
SourcingJan 22, 2026
De Beers To Release ‘A Diamond Is Forever’ BookIt explores the history of the iconic tagline and the company’s strategy to redefine the role of diamonds in society.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
