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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Events & AwardsJan 30, 2025
Registration Open for Converge 2025The inaugural event is being co-hosted by the American Gem Society and the Gemological Institute of America.
CollectionsJan 30, 2025
Pharrell Williams Brings Tahitian Pearls to His New Tiffany & Co. CollectionFive new designs were added, all donning Tahitian cultured pearls and spear-like trident motifs, along with the new “Titan” setting.
CollectionsJan 29, 2025
Boucheron’s High Jewelry Takes the Form of ‘Untamed Nature’The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
FinancialsJan 29, 2025
LVMH Watch, Jewelry Sales End the Year DownWatch and jewelry sales slipped 3 percent in 2024, though the luxury conglomerate did see business pick up in the fourth quarter.
Weekly QuizJan 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJan 29, 2025
Chanel Names New General Manager of Watches, Fine Jewelry for USOlivier Kessler-Gay will take over the role on March 3.
SurveysJan 29, 2025
Consumer Confidence Slips for Second Consecutive Month It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
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 & AwardsJan 29, 2025
Chris Ploof To Teach Mokume Gane at AJSThe jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
Events & AwardsJan 28, 2025
NouvelleBox Show Returns to New York CityThe showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
Recorded WebinarsJan 28, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
Events & AwardsJan 28, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
MajorsJan 27, 2025
Le Vian Corp. Chairman Larry LeVian, a Man of Faith and Family, Dies at 73 LeVian is remembered for his leadership in the jewelry industry and for being a selfless and compassionate person.
CrimeJan 27, 2025
New Jersey Jeweler Sentenced to 2 1/2 Years for Evading CustomsMonishkumar Kirankumar Doshi Shah pleaded guilty to evading customs on more than $13.5 million of jewelry imported into the U.S.
SourcingJan 27, 2025
Dev Shetty To Head New Auction House for Rare Colored GemsJemora Gemhouse’s inaugural auction, slated for March, will take place in Dubai and feature polished sapphires.
CollectionsJan 27, 2025
Rachel Quinn Embodies Feelings of Falling in Love in New CollectionQuinn partnered with Gemfields to create “Crazy Love,” which features Zambian emeralds and Mozambican rubies across 10 pieces.
MajorsJan 27, 2025
Arch Crown’s 2025 ‘Tag & Label’ Catalog Is Out Now The catalog is 48 pages and features more than 100 styles.
CollectionsJan 24, 2025
Piece of the Week: Ashley Zhang Jewelry’s Lunar New Year NecklaceThe one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
SourcingJan 24, 2025
Ethical Gem Fair Heads Back to Tucson The gemstone show is slated to take place at the Scottish Rite Cathedral.
Policies & IssuesJan 24, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
CrimeJan 23, 2025
4 Men Arrested After Allegedly Plotting to Kidnap JewelerThe suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
CrimeJan 23, 2025
Security Guard Killed in Armed Robbery at Namibian Diamond Co. Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
SourcingJan 23, 2025
RapNet, AGTA Partner to Launch Gemstone Trading NetworkThe online diamond and jewelry marketplace has expanded, introducing a new platform dedicated to colored gemstone trading.
Events & AwardsJan 23, 2025
Plumb Club Announces Speaker Lineup for Symposium ‘25The second annual learning forum for retailers is slated for March 13 at City Winery in Pier 57 in New York City.
SourcingJan 23, 2025
Fancy Color Research Foundation Names New CEORoy Safit took over the role on Jan. 1.
ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
