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
ColumnistsSep 23, 2025
Quiet Luxury: What Fall’s Top Trend Means for JewelersEmmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’sThe private equity firm has a plan to revive the mall staple.
MajorsSep 23, 2025
Mattioli Names Kering Exec as New CEOClaudio Pasta will take the lead at the Italian fine jewelry brand, succeeding company founder Licia Mattioli.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
CollectionsSep 23, 2025
Monique Lhuillier Adds Fashion Jewelry to Kay Jewelers LineThe new lab-grown diamond jewelry offering is the latest expansion of the designer’s “Bliss” collection.
Weekly QuizSep 19, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 22, 2025
Jewelry Manufacturer Vibhor Acquires AlorThe California-based fine jewelry brand will retain its identity post-acquisition, with new collections launching next year.
CollectionsSep 22, 2025
Gurhan's Collection is an 'Untamed' ZooThe “Untamed” collection centers on carved gemstone jewelry depicting a range of animals embodying one of the four elemental forces.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Policies & IssuesSep 22, 2025
Ethical Metalsmiths Has a New Name Founded in 2004, the organization is now called the Community for Ethical Jewelry.
EditorsSep 19, 2025
These Female Athletes Had the Best Jewelry of the SummerFrom Coco Gauff’s hoops to Madison Keys’ diamond medallion, these are Senior Editor Lenore Fedow’s standout jewelry looks of the season.
CollectionsSep 19, 2025
Piece of the Week: Vanessa Fernández Studio’s ‘Curva’ Wrap HoopsThe trendy earrings feature asymmetrical drops, one with a grossular garnet and the other with a diamond.
Recorded WebinarsSep 19, 2025
Watch: A Step-by-Step Guide to Using TikTok and Instagram ReelsFour social media marketing experts discuss their go-to methods and favorite tools for making high-quality short-form video content.
Supplier BulletinSep 18, 2025
Will Your Design Define 2026? Enter The Spectrum & Cutting Edge AwardsSponsored by American Gem Trade Association
SurveysSep 18, 2025
Deloitte Thinks the Holidays Will Be Merry, PwC Isn’t So Sure In its holiday report, PwC said the season will be more like jazz—improvisational and less predictable—than an easy-to-follow melody.
MajorsSep 18, 2025
Pandora to Open New Distribution Center in MarylandThe jewelry giant will relocate its existing facility to a larger space in Anne Arundel.
CollectionsSep 18, 2025
Ashley Zhang Launches Garçon New YorkThe designer, who is the creative force behind her namesake brand, has now started a new mini line focusing on chains for fathers and sons.
SourcingSep 18, 2025
SSEF Opens Applications for 2 Gemology Education Scholarships The awards include tuition for a course at the Swiss lab, economy flights, and hotel accommodation.
TechnologySep 18, 2025
Hill & Co. Launches AI Strategy ProgramThe 21-day program was designed to help jewelry retailers identify opportunities and eliminate inefficiencies with AI.
AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’ The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify The new integration allows users to manage shipments directly from the Shopify dashboard.
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation ProgramBen Bridge Jeweler and Lux Bond & Green were a part of the pilot program.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
