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
TrendsJun 02, 2023
Take a Peek at Couture’s Newest Design Talents This year’s Design Atelier is full of gems.
CollectionsJun 02, 2023
Piece of the Week: Saboo Fine Jewels’ Emerald EarringsThey’re a testament to the power of excellent design.
IndependentsJun 02, 2023
These Are the 2023 Retailer Hall of Fame InducteesThis year’s honorees include one of Florida’s largest independent jewelers and two multi-store independents in the Chicago and New York areas.
Brought to you by
The Next Step for GIA Diamond ReportsThe most trusted diamond report, available in print or the GIA App.
TrendsJun 01, 2023
See 50+ Jewels Debuting at Couture in Las VegasThe industry’s most influential contemporary designers are showcasing their latest jewelry designs.
Weekly QuizJun 02, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
Lab-GrownJun 01, 2023
35-Carat Lab-Grown Diamond Going on Display in VegasCreated by Maitri Lab-Grown Diamonds and graded by IGI, it’s slightly bigger than the record-setting lab-grown diamond GIA just examined.
MajorsJun 01, 2023
Bottom Line Marketing Announces Restructured Leadership, New Service OfferingsThe marketing agency has integrated its first C-suite.
Brought to you by
Beyond Borders: Crucial Factors in Colored Stone Origin DeterminationNavigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.
Events & AwardsJun 01, 2023
Meet JCK’s 2023 Keynote SpeakerThe jewelry trade show also will debut educational content centered around social media.
TrendsMay 31, 2023
Here’s a Sneak Peek of New Jewelry to Check Out at JCKLuxury kicks off today, with the full show in swing on Friday.
CollectionsMay 31, 2023
Verragio’s Debut Fine Jewelry Collections Honor Company HeritageOne of the three new collections was inspired by the legend of a woman who traded her mansion to Cartier for two strands of natural pearls.
MajorsMay 31, 2023
Signet Jewelers Names New Head of Investor RelationsRob Ballew will be tasked with communicating the jewelry giant’s plans and financial performance to investors.
MajorsMay 31, 2023
Jewelers Mutual Launches App for Retailers, Introduces New BrokerageWith the app, customers receive a 15-day insurance offer on new purchases while their coverage needs are being evaluated.
Lab-GrownMay 30, 2023
Lightbox Is Testing Out a Trendy Concept Shop in BrooklynIt is in House of Showfields, a bazaar-style retail space in the borough’s Williamsburg neighborhood.
Events & AwardsMay 30, 2023
These Are the Can’t-Miss JCK Talks Education SessionsFrom consumer trends to retail technology, these are the JCK Talks sessions that should be on attendees’ radar.
AuctionsMay 30, 2023
Sotheby’s to Auction Mellon Family JewelrySignature pieces from Cartier and David Webb will appear in the June jewelry auction.
Events & AwardsMay 30, 2023
24 Karat Club of Southern California Recognizes 3 HonoreesThey will be celebrated at the annual dinner dance and gala in the fall.
GradingMay 26, 2023
State of the Diamond Industry: AI and the Future of Diamond GradingGemologists have long used machines in diamond grading but technology has made it possible for them to “learn” how to do it on their own.
Recorded WebinarsMay 26, 2023
Watch: Diamond Cut Quality: The Final Frontier Part 2Supplier Spotlight Sponsored by IGI
Recorded WebinarsMay 26, 2023
Natural and Lab-Grown Diamonds: What It’s Like to Sell Both Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.
FinancialsMay 26, 2023
Movado Sales Slip in Q1 Amid Inflation Woes, Tough CompsThe company has plans to revamp the Movado brand and offer less expensive watches this year.
AuctionsMay 26, 2023
Piece of the Week: A Bulgari Sapphire and Diamond NecklaceSet with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.
Supplier BulletinMay 25, 2023
RAE Fine Jewelry Collection Debuting at JCK Luxury 2023Sponsored by Noam Carver
TechnologyMay 25, 2023
State of Retail: Why Jewelers Need to Invest in Cybersecurity NowAs cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.
IndependentsMay 25, 2023
Louis Anthony Jewelers Is Remodeling and ExpandingThe Pittsburgh jeweler is redoing the lighting and showcases, and adding a full hospitality bar as well as new shop-in-shops.
MajorsMay 25, 2023
Stanley Zale Joins Hill & Co. as Principal Consultant Zale has more than 40 years’ experience in the diamond industry, including 17 years as Stuller’s VP of diamonds and gemstones procurement.
Events & AwardsMay 24, 2023
New To-Dos in Las Vegas During Jewelry Market Week 2023The Strip is full of new restaurant and entertainment offerings.
