Venetia Transition a Drag on De Beers’ Q2 Production

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.

Sunset shot of De Beers Venetia diamond mine in South Africa
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 … 

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.

The Latest

Sally Nelson Exclusively Diamonds
IndependentsSep 26, 2023
Sally Nelson, Founder of Exclusively Diamonds, Dies at 86

The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.

Instore show logo
Events & AwardsSep 26, 2023
Instore Announces Dates for 2024 Show

The annual event will return to Rosemont, Illinois next August.

Gold holiday gift boxes
SurveysSep 26, 2023
Mastercard Makes Its 2023 Holiday Prediction

According to SpendingPulse, retail sales will increase in November and December but not necessarily for jewelers.

Brought to you by
Top 5 Ways to Promote Safety and Security Awareness Among Your Staff

Awareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.

Citizen Tsuki-yomi A-T moon phase watch
WatchesSep 26, 2023
Citizen Launches the Tsuki-Yomi A-T Timepiece

According to the watchmaker, it features the first light-powered atomic timekeeping moon phase movement.

Weekly QuizSep 21, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Crescendo, a 147.96-carat golden citrine by John Dyer for Somewhere In The Rainbow
Events & AwardsSep 26, 2023
2023 Spectrum Awards Entry Deadline Extended

The contest is now open for submissions until Oct. 10.

Stock image of hands in handcuffs
CrimeSep 25, 2023
Oregon Jeweler Accused of Selling Lab-Grown Diamonds as Natural

Police say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.

Dialog Solutions
Brought to you by
A Conversation with Dialog Solutions

Do you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.

Neil Lane lab-grown diamond engagement rings for Kay Jewelers
Lab-GrownSep 25, 2023
Neil Lane’s Latest Collection Uses Lab-Grown Diamonds

The designer just launched a new bridal range at Kay Jewelers.

Yunjo Lee
MajorsSep 25, 2023
Hearts On Fire Taps Mejuri Exec as CCO

Yunjo Lee has also worked on collections for Tiffany & Co. with Paloma Picasso and Frank Gehry.

Steve Levine of Sylvie Jewelry
MajorsSep 25, 2023
Second Generation Takes On New Roles at Sylvie Jewelry

Steve Levine joins the family-owned company, while his brother Gary has a new position.

David Yurman Paris flagship
MajorsSep 22, 2023
David Yurman Alleges These Two Companies Copied Its Designs

The company has filed complaints against Royal Chain and Samuel B.

Yun Yun Sun toi et moi diamond Puzzle ring
TrendsSep 22, 2023
Piece of the Week: Yun Yun Sun’s ‘Puzzle’ Ring

The two-stone style benefits from two-toned metal.

Mineral display at HardRock Summit 2023
Events & AwardsSep 22, 2023
HardRock Summit To Relocate In 2024

The event is moving just outside of Denver.

Timex ReWound video screenshot
WatchesSep 21, 2023
Timex Wants Your Old Watch

The company just rolled out “Timex Rewound,” a new takeback and resale program.

GIA logo
GradingSep 21, 2023
Retailers Warned About Fraudulent Email Purportedly From GIA

The lab confirmed it did not send the message.

Reginald Brack
AuctionsSep 21, 2023
Hindman Appoints New SVP, Director of Jewelry and Watches

Reginald Brack has worked at StockX and Christie’s.

The Artistry Ltd. 2024 catalog cover
MajorsSep 21, 2023
Artistry’s 2024 Catalog Has Shipped

It features colored gemstone, pearl, diamond, gold, and sterling silver jewelry styles.

Chemical vapor deposition reactors
Lab-GrownSep 20, 2023
Lab-Grown Diamond Outlook: Price Declines Aren’t a Deterrent

Some Indian manufacturers think the potential in this young, evolving market outweighs current price concerns.

The new Surat Diamond Bourse
SourcingSep 20, 2023
New Surat Diamond Bourse To Be World’s Largest Office Complex

The massive space spans 7.1 million square feet with more than 4,000 offices and 131 elevators.

Sahyog entrance
Policies & IssuesSep 20, 2023
Creating a Brighter Future for the Differently Abled

GIA is among the supporters of a new school building for children with special needs.

Online holiday season shopping
SurveysSep 20, 2023
Why Bain and Deloitte Think Sales Will Grow This Holiday Season

From holiday spending to inflation’s impact, here’s what analysts are forecasting for the season.

Tiffany & Co. X Rimowa collaboration suitcase and jewelry boxes
MajorsSep 20, 2023
Tiffany Collabs With Fellow LVMH-Owned Rimowa

The jeweler and luxury luggage company have teamed up on jewelry cases and a suitcase.

Navneet Gems and Minerals portrait-cut ruby
GradingSep 20, 2023
Navneet Gems Introduces Portrait-Cut Rubies

The geometric collection is on view now at the Jewellery & Gem World Hong Kong Show.

Bleu Royal diamond
AuctionsSep 19, 2023
‘Bleu Royal’ Diamond to Fetch $35M-$50M at Auction

The 17.61-carat stone leads Christie’s “Magnificent Jewels” sale in Geneva this November.

Surveillance footage of bear spray robbery
CrimeSep 19, 2023
Man Sentenced to 6 Years in Prison Following Bear Spray Robbery

The suspect used bear spray to subdue employees and bystanders then stole $800,000 worth of jewelry.

Fuli Gemstones Fuli Cut
GradingSep 19, 2023
Fuli Gemstones Unveils New Peridot Cut

The ‘Fuli Cut’ is based on an antique cushion.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy

Additionally, paste this code immediately after the opening  tag: