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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
MajorsApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
