De Beers Q3 Rough Diamond Production Up 4%
It’s due to higher-grade ore at Orapa in Botswana and in South Africa, as well as “continued strong performance” in Namibia.
Production rose 4 percent to 9.6 million carats during the period, following a decrease in Q2 of 4 percent.
The rise in the latest quarter was attributed to the treatment of higher-grade ore at Orapa in Botswana and in South Africa, as well as “continued strong performance” in Namibia, said De Beers.
In Botswana, production was up 4 percent to 6.6 million carats in the quarter, driven mostly by higher-grade ore from Orapa, which was partly offset by processing lower-grade ore at Jwaneng.
Namibia’s production was also up, rising 33 percent to 0.5 million carats, boosted by a strong performance from the Benguela Gem vessel, the company’s new diamond recovery vessel that started operations in March.
South Africa’s production was up 5 percent to 1.7 million carats thanks to the treatment of higher-grade ore and plant upgrades, according to De Beers. Production in Canada, meanwhile, was down 7 percent to 0.7 million carats due to the treatment of lower-grade ore and “the impact of tight labor markets,” the diamond miner said.
De Beers also touched on demand for rough diamonds in its reporting, noting that it was steady in the third quarter.
The company reported rough diamond sales of 9.1 million from three sights held during the quarter, compared with 7.8 million carats from two sights in the year-earlier period and 9.4 million carats from three sights in this year’s second quarter.
The miner also noted that while consumer demand for natural diamonds continues to be “robust,” current economic conditions, reduced consumer spending, and continued COVID-19 lockdowns in China could potentially impact demand for diamond jewelry.
De Beers said production guidance for the year remains at 32-34 million carats, adding that it anticipates sales in the fourth quarter being affected by normal temporary closures of the cutting and polishing factories in India for holidays.
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