SourcingApr 04, 2023
Botswana Government Takes Stake in HB Antwerp SourcingApr 26, 2023
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.
London—Diamond production was flat in the first quarter for De Beers Group, due mainly to South Africa’s Venetia mine being in a transitional period.
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.
Related stories will be right here …
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.
More on Sourcing
The Latest
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
FinancialsApr 15, 2025
LVMH’s Q1 Sales Slip 2 PercentLVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
GradingApr 14, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
WatchesApr 11, 2025
Bulova Documentary Now on Amazon Prime“America Telling Time: 150 Years of Bulova” explores the storied history of the American watchmaker.
