De Beers’ Diamond Production Flat in Q1
De Beers said the main reason production leveled off in the first quarter is Venetia, which is transitioning to an underground operation.

First-quarter diamond production totaled 8.93 million carats for De Beers, compared with 8.94 million carats in the first quarter 2022, the company reported Tuesday.
Compared with the fourth quarter 2022 (8.2 million carats), production was up 10 percent.
In three of the countries where De Beers operates—Botswana, Namibia, and Canada—first-quarter production was positive year-over-year, but those gains were offset by South Africa, where production fell 56 percent to 739,000 carats as the country’s only diamond mine moves from an open-pit to an underground operation.
The open pit at Venetia closed at the end of 2022, and workers there currently are only processing lower-grade surface stockpiles while the mine transitions.
De Beers began working on taking Venetia underground in 2013, a $2 billion project expected to extend the life of the mine to 2046 and produce around 94 million carats.
In Botswana, which accounts for more than 75 percent of De Beers’ total production, diamond production increased 12 percent year-over-year in the first quarter to 6.9 million carats, driven by planned treatment of higher-grade ore and the continued robust performance of the processing plant at the Orapa mine.
De Beers and the government of Botswana are in the midst of renegotiating their sales agreement, which originally expired at the end of 2020. The two parties have extended the deadline to reach a new agreement three times.
The current sales contract is set to expire in June.
Production in neighboring Namibia, meanwhile, was up 37 percent to 619,000 carats due to the continued output of the new marine mining vessel, the Benguela Gem.
In Canada, production rose 11 percent to 673,000 carats despite unplanned maintenance challenges, De Beers said.
De Beers’ release on its Q1 production results repeated what new CEO Al Cook said earlier this year—sightholders are pushing rough diamond purchases until later in the year because of economic uncertainty.
In volume terms, rough diamond sales have totaled 9.7 million from three sights so far this year compared with 7.9 million carats from two sights in the first quarter 2022, and 7.3 million carats from two sights in the fourth quarter 2022.
De Beers said its production guidance for the year remains unchanged at 30 million to 33 million carats, down from the 34 million carats it mined in 2022.
The Latest

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.


Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

Respondents were concerned about job availability and rising prices.

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

Move over neck mess, the ear story is the way to make a layering statement today.

The New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.

The “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.

Holiday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.

Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.

The red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.