SourcingOct 21, 2024
De Beers to List Single Country of Origin for Some of Its Diamonds SourcingOct 29, 2024
De Beers’ Production Drops 25% as Demand Remains Sluggish
The company combined two sights in Q3 due to the slowdown in demand, and said it is moving up the dates for sights 9 and 10 in Q4.
De Beers Group saw production slide again in the third quarter as diamond demand remains muted. It is working with Signet Jewelers in the United States to boost demand for natural diamonds among those 25 to 30 years old, a prime demographic for purchasing engagement rings. It also is working on marketing natural diamonds in China via a partnership with Chow Tai Fook.
London—Production dropped 25 percent in the third quarter for De Beers Group as diamond demand remains sluggish, particularly in China.
The diamond miner and marketer reported late last week that third-quarter production totaled 5.6 million carats, compared with 7.4 million carats in Q3 2023.
Year-to-date, production has totaled 18.9 million carats, a 21 percent drop-off when compared with 23.9 million carats in 2023.
De Beers cited the “prolonged period” of lower demand for diamonds that has resulted in a glut of goods in the midstream, and its continued focus on managing costs as parent company Anglo American looks to offload it as the reasons for the drop in production.
Production was down in three of the four countries where De Beers mines diamonds.
It fell 32 percent to 4 million carats in Botswana, where De Beers cut back on operations at the Jwaneng mine, and declined 14 percent to 500,000 carats in Namibia, where the company pulled back on marine mining operations.
In Canada, production slid 11 percent to 600,000 carats as it focused on treating lower-grade ore.
The only country where diamond production increased in Q3 was South Africa.
Production there rose 41 percent year-over-year to 500,000 carats due to underground operations ramping up at Venetia, De Beers’ only remaining mine in the country.
Related stories will be right here …
The diamond miner and marketer reported late last week that third-quarter production totaled 5.6 million carats, compared with 7.4 million carats in Q3 2023.
Year-to-date, production has totaled 18.9 million carats, a 21 percent drop-off when compared with 23.9 million carats in 2023.
De Beers cited the “prolonged period” of lower demand for diamonds that has resulted in a glut of goods in the midstream, and its continued focus on managing costs as parent company Anglo American looks to offload it as the reasons for the drop in production.
Production was down in three of the four countries where De Beers mines diamonds.
It fell 32 percent to 4 million carats in Botswana, where De Beers cut back on operations at the Jwaneng mine, and declined 14 percent to 500,000 carats in Namibia, where the company pulled back on marine mining operations.
In Canada, production slid 11 percent to 600,000 carats as it focused on treating lower-grade ore.
The only country where diamond production increased in Q3 was South Africa.
Production there rose 41 percent year-over-year to 500,000 carats due to underground operations ramping up at Venetia, De Beers’ only remaining mine in the country.
Because of sluggish demand, De Beers merged sights 7 and 8 into a single selling event in the third quarter and it has moved up the dates for sights 9 and 10 to support sightholders ahead of the holiday selling season.
Results of the combined sights will be reflected in the fourth-quarter production report, leaving Q3 with only one sight totaling 2.1 million carats and generating $213 million in revenue, compared with three sights in Q3 2023 that totaled 7.4 million carats and generated $899 million in revenue.
The year-to-date consolidated average realized price for rough diamonds increased by 4 percent to $160/carat.
De Beers said it sold a larger proportion of higher-value rough diamonds but that was partially offset by an 18 percent decrease in the average rough price index.
In the third quarter, the average rough price index remained largely unchanged from the second quarter 2024.
De Beers said its production forecast for the year remains unchanged at 23 million-26 million carats but noted it was “actively assessing” with its partners ways to reduce production going forward.
Also during Q3, De Beers launched “Worth the Wait,” its new natural diamond marketing campaign created in partnership with Signet Jewelers.
The campaign focuses on the emotional work people must do to be ready for a healthy relationship, likening the time and pressure it takes to become one’s best self to the natural diamond growth process.
The media plan for “Worth the Wait” includes social media, streaming platforms like Hulu and Peacock, and the in-store screens and websites of Signet Jewelers-owned stores.
It is aimed at the “zillennials,” people born on the tail end of the millennial generation or in the early years of Gen Z.
Zillennials are approximately 25 to 30 years old, making them prime targets for engagement ring marketing.
De Beers also is collaborating on a natural diamond marketing campaign in China with that country’s Signet equivalent, Chow Tai Fook.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
Policies & IssuesJan 10, 2025
Harwell Godfrey, Stephanie Gottlieb Are Raising Money for LA Wildfire ReliefSeveral jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
Weekly QuizJan 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity BallNine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy WatchMiss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds“Promise by Effy” includes fashion jewelry and engagement rings.
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 YearsThe Texas-based jeweler is closing all three locations.
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern ElementsZendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.
TrendsJan 07, 2025
Amanda’s Style File: January Is for GarnetGarnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
MajorsJan 07, 2025
Jewelers for Children Promotes Round-Up Fundraising ProgramRetailers and vendors can ask customers to make a donation by rounding up to the next dollar at checkout.
SourcingJan 07, 2025
Columbia Gem House To Debut Lightning Ridge Opal CollectionThe wholesaler is partnering with Australian brand Cheal Opal on a new offering of calibrated stones.
EditorsJan 06, 2025
White Hot: 8 Glamorous Jewelry Looks From the Golden GlobesFrom Zendaya to Selena Gomez and Zoe Saldaña, many stars at the 82nd Golden Globes were wearing white gold or platinum jewelry.
CrimeJan 06, 2025
FBI Adds 2 Suspected Jewelry Thieves to Its Wanted ListDescribed by JSA as being “habitual offenders,” Vasile Sava and Onita Rostas have federal warrants out for their arrest in Kansas.
MajorsJan 06, 2025
PDPaola Opens First U.S. StoreThe Barcelona-based brand’s flagship boutique is located in New York City’s West Village neighborhood.
IndependentsJan 06, 2025
Facets of Fire Debuts New Jewelry DisplaysA solar-powered loose diamond holder rotates the stones to show off how they catch the light.
IndependentsJan 03, 2025
Kelly Newton, Shipley Award Winner and Devoted Family Man, Dies at 74Newton owned and operated Newton’s Jewelers in Fort Smith, Arkansas, and is remembered for being positive, honest, and loving.
Events & AwardsJan 03, 2025
12 Works by Glenn Lehrer, Paula Crevoshay on Display at Lapidary Museum“Synergy & Symbiosis” is open now through late April at the Lizzadro Museum of Lapidary Art in Oak Brook, Illinois.
CollectionsJan 03, 2025
Piece of the Week: Renna’s ‘Butterfly Caspian’ NecklaceBegin 2025 with a butterfly intaglio symbolizing change and transformation.
CrimeJan 02, 2025
Rolex Sale That Went South Led to Murder of Florida Jeweler, Report SaysJeweler Anthony D’Amore was found dead inside his office Dec. 23, marking the fourth jeweler killed on the job in 2024, according to JSA.
WatchesJan 02, 2025
Ben Bridge Opens Tudor Boutique in HonoluluThe opening marks Tudor’s first location in Hawaii.
