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
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
Weekly QuizAug 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
