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.
More on Sourcing
The Latest
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
