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.
More on Sourcing
The Latest
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
