SourcingJul 20, 2023
Rio Tinto’s Diamond Production Down 16% in Q2 SourcingJul 21, 2023
Venetia Transition a Drag on De Beers’ Q2 Production
The company recovered 7.6 million carats in the second quarter, compared with 7.9 million in the same period last year.
A sunset shot of Venetia, a De Beers diamond mine in South Africa’s Limpopo Province. De Beers’ diamond production slipped 5 percent in the second quarter due mainly to a massive drop in production at Venetia, which is in a transition period. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—Production slipped 5 percent year-over-year to 7.6 million carats in the second quarter for De Beers Group, dragged down by the company’s sole mine in South Africa.
Venetia ended open-pit operations in December 2022 and currently is processing lower-grade stockpiles while it transitions to underground mining.
According to figures released Thursday by De Beers’ parent company Anglo American, Venetia’s second-quarter production totaled 466,000 carats, down 62 percent from 1.2 million in the prior-year period, when the pit was still active.
Production is down 37 percent from 739,000 carats in Q1.
In the three other countries where De Beers mines—Botswana, Canada and Namibia—production rose by single-digit percentages in the second quarter.
In Botswana, the country responsible for roughly 75 percent of De Beers’ total diamond production, carats recovered increased 6 percent year-over-year to 5.8 million.
It attributed the increase to planned treatment of higher-grade ore at Orapa, though that was partially offset by lower throughput at Jwaneng due to planned maintenance.
De Beers and the government of Botswana recently reached an agreement in principle on a new contract for rough diamond sales as well as for mining licenses in the country. These agreements extend through 2033 and 2054, respectively.
Related stories will be right here …
Venetia ended open-pit operations in December 2022 and currently is processing lower-grade stockpiles while it transitions to underground mining.
According to figures released Thursday by De Beers’ parent company Anglo American, Venetia’s second-quarter production totaled 466,000 carats, down 62 percent from 1.2 million in the prior-year period, when the pit was still active.
Production is down 37 percent from 739,000 carats in Q1.
In the three other countries where De Beers mines—Botswana, Canada and Namibia—production rose by single-digit percentages in the second quarter.
In Botswana, the country responsible for roughly 75 percent of De Beers’ total diamond production, carats recovered increased 6 percent year-over-year to 5.8 million.
It attributed the increase to planned treatment of higher-grade ore at Orapa, though that was partially offset by lower throughput at Jwaneng due to planned maintenance.
De Beers and the government of Botswana recently reached an agreement in principle on a new contract for rough diamond sales as well as for mining licenses in the country. These agreements extend through 2033 and 2054, respectively.
Gahcho Kué in Canada produced 683,000 carats for De Beers in Q2 compared with 643,000 carats in the prior-year period, a 6 percent increase due to the treatment of higher-grade ore despite planned plant maintenance.
In Namibia, production was up 8 percent to 612,000 carats as De Beers continues to ramp up land mining operations there.
Year-to-date, De Beers’ diamond production has totaled 16.5 million, just a 2 percent difference from last year at this time (16.9 million carats).
Looking at the diamond market as a whole, the company said consumer demand for diamond jewelry dipped in the second quarter, impacting both rough diamond demand and prices.
In Q2 2023, rough diamond sales totaled 7.6 million carats from two sights, down from 9.4 million carats from three sights in the second quarter of 2022 and 9.7 million carats from three sights in the first quarter.
The consolidated average realized price for De Beers’ rough diamonds declined 23 percent in the first half of the year to $163 per carat, compared with $213 per carat in the first half of last year.
De Beers said it sold more lower-value rough in the first half of the year, as sightholders are being cautious because they are unsure where the economy is going.
The average rough price index was down 2 percent, reflecting the slowdown in consumer demand and a build-up of inventory in the midstream.
More on Sourcing
The Latest
IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
