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
EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
