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
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
