SourcingJan 24, 2023
Tiffany Buys 35 of the Last Diamonds Recovered From Argyle SourcingFeb 06, 2023
De Beers’ Production Up 7% in 2022
The increase reflects continued demand for diamond jewelry and for “provenance-assured” goods.
The new Benguela Gem, which mines diamonds off the coast of Namibia, was a big reason the country’s diamond production increased 51 percent in Q4 and 46 percent year-over-year in 2022. Overall, De Beers Group recorded a 6 percent increase in production in the fourth quarter and a 7 percent increase for the year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—Diamond production topped 34 million carats for De Beers Group in 2022, reflecting steady sales of diamond jewelry and continued restrictions on Russian goods fueling an increase in demand for De Beers’ diamonds.
De Beers’ parent company, Anglo American, reported the diamond miner’s fourth-quarter and full-year results late last week.
In the fourth quarter, rough production rose 6 percent to 8.2 million carats recovered, up from 7.7 million carats in Q4 2021.
For the full year, production was up 7 percent to 34.6 million carats from 32.3 million in 2021, topping De Beers’ revised mid-year forecast for the year by 600,000 carats.
Among the four countries in which De Beers operates—Botswana, Namibia, South Africa, and Canada—Namibia posted the sharpest increase in production, rising 51 percent in Q4 and 46 percent for the full year to 2.1 million carats recovered.
The company attributed the sharp fourth-quarter increase to the addition of the $420 million “Benguela Gem,” the new marine mining vessel that launched in March 2022, and the treatment of higher-grade ore at the country’s land operations.
Production in Botswana was up 11 percent in the fourth quarter—driven primarily by strong plant performance at Jwaneng—and 8 percent for the year to 24.1 million carats.
In Canada, production increased 7 percent in the fourth quarter, due mostly to the treatment of higher-grade ore, but was down 11 percent for the year to 2.8 million carats.
Production in South Africa, meanwhile, fell 27 percent in Q4 compared to Q3, but was up 4 percent for the full year at 5.5 million carats.
De Bees’ only remaining mine in South Africa, Venetia, is in the process of transitioning from an open pit to an underground operation.
In the fourth quarter, retailers were more cautious about restocking due to economic uncertainty, which drove down wholesale polished diamond prices.
De Beers’ rough diamond sales were down slightly year-over-year in Q4.
They totaled 7.3 million carats from two sights in Q4 2022, compared with 7.7 million carats from three sights in Q4 2021, and 9.1 million carats from three sights in the third quarter 2022.
The consolidated average realized price was up 35 percent for the year to $197/carat vs. $146/carat in 2021 due to rising rough prices and De Beers selling more high-value rough in the first half of the year.
“The increase in the rough price index reflected overall positive consumer demand for diamond jewelry and was supported by De Beers’ proposition of provenance-assured diamonds,” the company said.
In 2023, De Beers expects diamond production to be down slightly, setting its guidance at 30 million-33 million carats.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
MajorsSep 23, 2026
Kay Jewelers’ New Campaign Goes ‘All In’ on LovePart of its brand relaunch, the marketing around the campaign includes a contest involving a jacket set with 550 diamonds.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
IndependentsSep 23, 2026
Sissy’s Log Cabin’s ‘Back to School and Bling’ Event ReturnsThe jeweler donated school supplies to Memphis, Tennessee, students during the event combining basketball and mentorship.
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
