SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024
The announcement came as the company reported a 23 percent drop in production in Q1.
De Beers Group mined 6.9 million carats of diamond in the first quarter, down from 8.9 million in the same period last year. The company expects its annual output to be 3 million carats lower than originally forecast. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—Diamond production fell 23 percent in the first quarter for De Beers Group and the company said it is cutting its guidance for the year amid continued oversupply in the market and a sluggish rough diamond market.
According to the Q1 production report released Wednesday, production fell in all countries where De Beers mines diamonds, expect Namibia.
In Botswana, which accounts for more than 70 percent of the company’s annual output, production fell to 5 million carats in the first quarter, down 28 percent from 6.9 million carats in Q1 2023.
De Beers intentionally cut back on operations at Jwaneng due to market conditions while it focused on processing existing surface stockpiles at Orapa.
In South Africa, production fell 19 percent year-over-year from 739,000 carats to 598,000 carats.
De Beers continues to mine lower-grade surface stockpiles while Venetia, its sole remaining mine in South Africa, ramps up for the transition to underground production.
Production fell 4 percent in Canada to 645,000 carats but ticked up 2 percent in Namibia to 633,000 carats.
Related stories will be right here …
According to the Q1 production report released Wednesday, production fell in all countries where De Beers mines diamonds, expect Namibia.
In Botswana, which accounts for more than 70 percent of the company’s annual output, production fell to 5 million carats in the first quarter, down 28 percent from 6.9 million carats in Q1 2023.
De Beers intentionally cut back on operations at Jwaneng due to market conditions while it focused on processing existing surface stockpiles at Orapa.
In South Africa, production fell 19 percent year-over-year from 739,000 carats to 598,000 carats.
De Beers continues to mine lower-grade surface stockpiles while Venetia, its sole remaining mine in South Africa, ramps up for the transition to underground production.
Production fell 4 percent in Canada to 645,000 carats but ticked up 2 percent in Namibia to 633,000 carats.
As De Beers noted when reporting on its latest round of rough diamond sales last week, sightholders remain hesitant about purchasing too many goods.
First-quarter 2024 rough diamond sales totaled 4.9 million carats from two sights, down from 9.7 million carats from three sights in Q1 2023, but up from the 2.8 million carats sold during two sights in Q4 2023.
The consolidated average realized price also increased, rising 23 percent to $201 per carat, reflecting the increase of higher-value rough diamonds in the sales mix and De Beers dropping prices, which stimulated demand for higher-priced goods.
De Beers said it expects the recovery in rough diamond sales to be “gradual” this year.
The company is lowering its production guidance for 2024 to 26-29 million carats, down from 29-32 million carats, a 9-10 percent difference.
More on Sourcing
The Latest
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
