De Beers’ Profit Drops in First Half
Production and total sale volumes were both flat from the year prior.

Despite that, revenue fell 21 percent to $2.8 billion from the previous year’s $3.6 billion. The decline comes amid months of weak customer demand, low average selling price, and increased expenses.
Average diamond price decreased 23 percent to $163 per carat from $213 per carat in 2022, due to the increase in lower-value diamonds sold in 2023.
Demand for rough was impacted by continuous macroeconomic headwinds and high levels of polished-diamond inventory in the midstream coming into 2023, according to the company.
The average rough diamond price index also decreased by 2 percent, reflecting softening in consumer demand for diamond jewelry and the previously mentioned build-up in rough diamond inventory.
Rough diamond production was fairly flat at 16.5 million carats, compared to last year’s first-half production at 16.9 million carats.
The first-half production numbers reflected strong performance in three of the countries where De Beers operates, Botswana, Namibia, and Canada, offset by reductions in South Africa due to the transition of the Venetia open pit.
In South Africa, production decreased by 59 percent to 1.2 million carats from 9 million carats in 2022.
The country’s only mine, the Venetia open pit, closed at the end of 2022. Workers continue to process lower-grade surface stockpiles as it transitions to underground operations, where De Beers said first production was recently achieved. The company said production will ramp up over the next few years.
De Beers began the process of 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.
The Venetia project, along with other continued life-extension projects, led to a capital expenditure increase of $302 million, up 21 percent from $250 million in June of last year, per the first-half report.
Diamond production in Botswana, which accounts for more than 75 percent of De Beers’ total production, was at 12.7 million carats, a 9 percent increase from the 11.7 million carats produced in 2022.
The increase was driven by planned treatment of higher-grade ore at the Orapa mine, De Beers said.
De Beers Group and the government of Botswana have also reached a new sales agreement in the years-long renegotiation of the agreement that expired at the end of 2020. Following numerous extensions of the current contract, the new agreement for the country’s rough diamond production now extends to 2033 while the mining licenses for Debswana, the mining company operated jointly by De Beers and the government, now extend to 2054.
In Namibia, production was up 21 percent to 1.2 million carats compared to 1 million carats in the first half of 2022. The increase was driven by continued output from the Benguela Gem, the new marine mining vessel that commenced production in March 2022. The company said the rise is also due in part to ongoing expansion of the mining area at the land operations.
Canadian production was up 9 percent to 1.4 million carats from 1.2 million carats in 2022 as the treatment of higher-grade ore offset planned plant maintenance, De Beers said.
Production guidance for the year remains 30 million to 33 million carats, down from the 34 million carats it mined in 2022.
In response to a general slowdown in demand, De Beers combined the auctions for its fifth and sixth sales cycles.
In the sixth sales cycle, rough diamond sales slid again from $456 million in the fifth sales cycle (revised from a preliminary $450 million estimate) to a provisional $410 million estimate.
The company also said it continues to focus on developing the brand in China. A lack of Chinese demand in the first half due to a wave of Covid-19 infections that impacted consumer behavior negatively affected De Beers’ H1 figures.
CEO Al Cook said that by third-cycle sales, the company was seeing “signs of recovery in consumer confidence following the relaxation of travel restrictions.”
Though short-term challenges remain, the company said consumer desire for natural diamonds will remain robust in key markets long-term, although supply of rough diamonds is expected to decline.
The company sees potential for stakeholders and retailers’ focus on the importance of diamond provenance to reinforce demand for rough diamonds.
De Beers announced last month that the Tracr™ blockchain platform, which tracks a diamond’s journey from the source, would open to diamond industry participants.
The company said the “immutable data” Tracr provides will underpin consumer confidence in natural diamonds and their provenance.
The Latest

This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.

The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.

Experts share top tips on how to encourage positive reviews and handle negative feedback.

Sponsored by the Gemological Institute of America


The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.

The “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.

From sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.

Show off your spooky side with these 12 festive jewels.

The “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.

Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.

The company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.

“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.

For her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.

Notable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.

Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.

After experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.

It is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.

One of the individuals was apprehended at the airport as he was trying to flee the country.

The retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.

Hill Management Group will oversee, market, and produce next year’s spring show.

London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.

The workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.

The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.

Founder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.

The luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.

The book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.






















