De Beers’ Production Drops 15% in Q2
The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.

According to the miner’s Q2 report released July 18, production dropped to 6.4 million carats from 7.6 million carats in the second quarter 2023.
In Botswana, which accounts for more than 70 percent of the company’s annual output, production fell to 4.7 million carats in the second quarter, down 19 percent from 5.8 million carats in Q2 2023.
De Beers said the drop was driven by lower production at the Jwaneng mine, where it intentionally made short-term changes to the plant feed mix in order to work through existing surface stockpiles.
Jwaneng also experienced a worker fatality. In a statement released June 18, Debswana (the joint venture between De Beers and the Botswana government) said the worker was killed in an accident involving a crane and drill rig on the morning of June 17.
“An investigation to understand the circumstances surrounding the incident is ongoing and relevant stakeholders will be updated accordingly,” the statement reads.
“Debswana is providing full support to the family and we kindly request that they be accorded due respect and privacy during this difficult time.”
Production in Namibia fell 8 percent year-over-year from 612,000 carats to 561,000, due in part to planned vessel maintenance at Debmarine Namibia.
In South Africa, production rose 8 percent, jumping from 466,000 carats in the second quarter last year to 505,000 carats.
De Beers attributes the increase to processing more higher-grade underground ore as it continues to transition its only remaining mine in the country, Venetia, to an underground operation.
Production in Canada was broadly unchanged at 673,000 million carats, a slight dip from 683,000 carats in Q2 last year.
While the market for rough diamonds recovered slightly at the beginning of the year, the miner said demand deteriorated in the second quarter due to higher-than-normal polished inventory in the midstream as well as retailers’ caution in restocking.
Second-quarter 2024 rough diamond sales totaled 7.8 million carats from three sights, up from 7.6 million carats from two sights in Q2 2023 and 4.9 million carats from two sights in Q1 2024.
The first-half 2024 consolidated average realized price remained broadly flat year-over-year at $164 per carat, reflecting a larger proportion of higher-value rough diamonds being sold, offset by a 20 percent drop in the average rough price index compared to H1 2023.
As previously reported, De Beers will cease rough diamond sight sale announcements following its Q2 production report. Moving forward, the miner said it will report the information quarterly.
Its 2024 production guidance, lowered in the previous quarter, remains at 26-29 million carats. Unit cost guidance also remains unchanged at $90 per carat.
Because of the congested midstream and an expected prolonged recovery, De Beers said it is seeking to further reduce production to save money.
De Beers also is working to offload non-core assets in an effort to cut costs, a key part of its “Origins” strategy unveiled during the Las Vegas shows earlier this summer.
The company announced Monday it has sold a royalty right for an iron ore deposit associated with the Onslow Iron project in West Pilbara, Australia, for $150 million.
De Beers discovered the iron ore deposit while exploring for diamonds in the area. It subsequently sold the ground for cash and a royalty right.
Taurus Funds Management will acquire De Beers Exploration Australia, the subsidiary that owns the royalty, for $125 million upfront and up to $25 million of deferred consideration.
“As part of our Origins strategy, we committed to streamlining the De Beers business. We have already seen significant progress in reducing our overhead costs by reshaping our workforce in support of the new strategy, and the sale of this royalty right continues the process of business streamlining as we exit this non-core asset at the right time and for value,” De Beers Group CEO Al Cook said.
“With a simpler and more efficient corporate structure, we will sharpen our focus on our core business of producing the world’s most beautiful natural diamonds and bringing them to market through the most value-adding channels.”
The sale is expected to close at the end of 2024, pending customary closing conditions.
The Latest

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Six new retail businesses were selected for the 2025 program, which began in January.

Sponsored by the Gemological Institute of America


Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The company failed to file its quarterly reports in a timely manner.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.