SourcingFeb 14, 2024
De Beers’ Rough Diamond Sales Improve Slightly SourcingFeb 15, 2024
De Beers’ Production Down 8% in 2023
The company recovered 31.9 million carats of diamonds in 2023, compared with 34.6 million in 2022.
An underground mine shaft at De Beers’ Venetia diamond mine in South Africa. Venetia is in the process of transitioning to an underground operation so production is down significantly year-over-year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—Production fell 8 percent year-over-year in 2023 for De Beers Group as demand for rough diamonds dropped considerably and its one remaining mine in South Africa, Venetia, remains under construction.
According to the company’s fourth-quarter and year-end production report published last week, it recovered a total of 31.9 million carats of diamonds in 2023, compared with 34.6 million in 2022.
The nearly 32 million carats De Beers mined was in line with its guidance for the year, 30 million-33 million carats.
The biggest drag on De Beers’ production continues to be Venetia, where production was down 64 percent to 2 million carats.
Open-pit operations at the mine ceased in December 2022, and De Beers is now just processing lower-grade surface stockpiles while construction on the new underground portion of the mine continues.
The company said in July that it had recovered the first diamonds from the mine’s $2.2 billion underground expansion, and the project was now about 70 percent complete.
The two underground ore bodies at Venetia are expected to produce a combined 4.5 million-5.5 million carats of diamonds a year, making it a significant source of diamonds.
Related stories will be right here …
According to the company’s fourth-quarter and year-end production report published last week, it recovered a total of 31.9 million carats of diamonds in 2023, compared with 34.6 million in 2022.
The nearly 32 million carats De Beers mined was in line with its guidance for the year, 30 million-33 million carats.
The biggest drag on De Beers’ production continues to be Venetia, where production was down 64 percent to 2 million carats.
Open-pit operations at the mine ceased in December 2022, and De Beers is now just processing lower-grade surface stockpiles while construction on the new underground portion of the mine continues.
The company said in July that it had recovered the first diamonds from the mine’s $2.2 billion underground expansion, and the project was now about 70 percent complete.
The two underground ore bodies at Venetia are expected to produce a combined 4.5 million-5.5 million carats of diamonds a year, making it a significant source of diamonds.
In Botswana—the country that produces 77 percent of De Beers’ diamonds—production ticked up 2 percent in 2023 to 24.7 million carats.
Production was up 9 percent year-over-year in Namibia to 2.3 million carats, and essentially was flat at 2.8 million carats in Canada, where De Beers operates the Gahcho Kué mine in a joint venture with Mountain Province Diamonds.
In the fourth quarter, production was down 3 percent to 7.9 million carats, with higher production from De Beers’ top producing country, Botswana, not enough to offset the steep decline in South Africa.
In Botswana, production increased 6 percent year-over-year during the quarter to 6.1 million carats, primarily due to increased production at Orapa.
Orapa produced 2.9 million carats during the quarter, up from 2.7 million carats in the fourth-quarter 2022, a 10 percent increase.
For 2024, De Beers’ production guidance remains unchanged at 29 million-32 million carats, though the company noted it could opt to reduce production if that’s what the market dictates.
More on Sourcing
The Latest
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami JewelerOmar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane KatrinaThe New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.
ColumnistsAug 05, 2025
The PR Adviser: Affiliate Marketing Is the Cost of CoverageLilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.
