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
Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsIn a 6-3 ruling, the court said the president exceeded his authority when imposing sweeping tariffs under IEEPA.
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
MajorsFeb 20, 2026
Jewelers Vigilance Committee Names Julie Yoakum Board ChairJVC also announced the election of five new board members.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsFeb 20, 2026
Boucheron’s ‘Faisceaux’ Brooch Heads to V&A MuseumThe brooch, our Piece of the Week, shows the chromatic spectrum through a holographic coating on rock crystal.
Weekly QuizFeb 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 19, 2026
Bailey’s Fine Jewelry Co-Founder ‘Mama Ann’ Bailey Dies at 100Raised in an orphanage, Bailey was 18 when she met her husband, Clyde. They opened their North Carolina jewelry store in 1948.
IndependentsFeb 19, 2026
Material Good Opens Third Location Material Good is celebrating its 10th anniversary as it opens its new store in the Back Bay neighborhood of Boston.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
Events & AwardsFeb 19, 2026
The Original Miami Beach Antique Show Returns in MarchThe show will be held March 26-30 at the Miami Beach Convention Center.
AuctionsFeb 18, 2026
Joanna Carson’s Jewels Head to AuctionThe estate of the model, philanthropist, and ex-wife of Johnny Carson has signed statement jewels up for sale at John Moran Auctioneers.
PodcastsFeb 18, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
MajorsFeb 18, 2026
Select Jewelry Inks Agreement to Distribute Lightweight Gold JewelryIt will lead distribution in North America for Graziella Braccialini's new gold pieces, which it said are 50 percent lighter.
Policies & IssuesFeb 18, 2026
Community for Ethical Jewelry Looks for Executive DirectorThe organization is seeking a new executive director to lead it into its next phase of strategic growth and industry influence.
Events & AwardsFeb 18, 2026
DCA to Host Gemstone Selling Education Session at IJO EventThe nonprofit will present a live, two-hour introductory course on building confidence when selling colored gemstones.
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
