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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
PodcastsMay 20, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Medal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
