Sourcing

De Beers to Mine More Diamonds This Year Than Originally Planned

SourcingJul 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.

2021_De Beers rough Kimberley.jpg
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. 
 
 Related stories will be right here … 
 
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. 
 

The Latest

Jewelers Relief Fund logo
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires

Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.

Harwell Godfrey heart pendant
Policies & IssuesJan 10, 2025
Harwell Godfrey, Stephanie Gottlieb Are Raising Money for LA Wildfire Relief

Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.

Elsa Jin Mozi Brooch
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ Brooch

Adrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.

ride_or_die_1872x1052.png
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday Campaign

A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’

Counterfeit Tiffany & Co. jewelry near U.S. Customs and Border Protection logo
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. Jewels

Officers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.

Weekly QuizJan 09, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Karma El Khalil Meteor Necklace
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the Moon

The “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.

AGTA Seminar Series
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational Lineup

The seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.

me_myself_and_I_1872x1052 .jpg
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds

‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.

Virginia Jewelers at the Children’s Hospital Foundation Ball
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity Ball

Nine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.

Miss Piggy taking a selfie
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy Watch

Miss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.

Rings in the Promise by Effy lab-grown diamond jewelry collection
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds

“Promise by Effy” includes fashion jewelry and engagement rings.

Haltom’s Jewelers closing ad
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 Years

The Texas-based jeweler is closing all three locations.

Zendaya and Engagement Ring at 2025 Golden Globes
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern Elements

Zendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.

National Jeweler columnist Emmanuel Raheb
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025

Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.

Lindsey Scoggins Studio Gypsy Link Ring
TrendsJan 07, 2025
Amanda’s Style File: January Is for Garnet

Garnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.

Huan Tain and staff of Quest Fine Jewelers in Fairfax, Virginia
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner

The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.

Jewelers for Children round up program on a point of sale machine
MajorsJan 07, 2025
Jewelers for Children Promotes Round-Up Fundraising Program

Retailers and vendors can ask customers to make a donation by rounding up to the next dollar at checkout.

calibrated Lightning Ridge opals
SourcingJan 07, 2025
Columbia Gem House To Debut Lightning Ridge Opal Collection

The wholesaler is partnering with Australian brand Cheal Opal on a new offering of calibrated stones.

Zendaya and Cynthia Erivo
EditorsJan 06, 2025
White Hot: 8 Glamorous Jewelry Looks From the Golden Globes

From Zendaya to Selena Gomez and Zoe Saldaña, many stars at the 82nd Golden Globes were wearing white gold or platinum jewelry.

Stock image of hands with handcuffs on them
CrimeJan 06, 2025
FBI Adds 2 Suspected Jewelry Thieves to Its Wanted List

Described by JSA as being “habitual offenders,” Vasile Sava and Onita Rostas have federal warrants out for their arrest in Kansas.

PDPaola New York store
MajorsJan 06, 2025
PDPaola Opens First U.S. Store

The Barcelona-based brand’s flagship boutique is located in New York City’s West Village neighborhood.

Facets of Fire bridal display
IndependentsJan 06, 2025
Facets of Fire Debuts New Jewelry Displays

A solar-powered loose diamond holder rotates the stones to show off how they catch the light.

Arkansas jeweler Kelly Newton receiving Shipley Award
IndependentsJan 03, 2025
Kelly Newton, Shipley Award Winner and Devoted Family Man, Dies at 74

Newton owned and operated Newton’s Jewelers in Fort Smith, Arkansas, and is remembered for being positive, honest, and loving.

Peles Mist
Events & AwardsJan 03, 2025
12 Works by Glenn Lehrer, Paula Crevoshay on Display at Lapidary Museum

“Synergy & Symbiosis” is open now through late April at the Lizzadro Museum of Lapidary Art in Oak Brook, Illinois.

Renna Butterfly Caspian Necklace
CollectionsJan 03, 2025
Piece of the Week: Renna’s ‘Butterfly Caspian’ Necklace

Begin 2025 with a butterfly intaglio symbolizing change and transformation.

Nenad Milosevich
CrimeJan 02, 2025
Rolex Sale That Went South Led to Murder of Florida Jeweler, Report Says

Jeweler Anthony D’Amore was found dead inside his office Dec. 23, marking the fourth jeweler killed on the job in 2024, according to JSA.

Tudor storefront Honolulu Hawaii
WatchesJan 02, 2025
Ben Bridge Opens Tudor Boutique in Honolulu

The opening marks Tudor’s first location in Hawaii.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy