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
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
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.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
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.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
