SourcingFeb 04, 2025
New Deal With Botswana Is Done, De Beers Confirms SourcingFeb 07, 2025
De Beers’ Production Guidance Slashed, Anglo Anticipates Another Writedown
The moves come amid a prolonged period of lower demand for diamonds, particularly in China.
Rough diamonds from Canada’s Gahcho Kué mine. Production at Gahcho Kué fell 43 percent in the fourth quarter and 16 percent on the year, part of a broader decline across all mines De Beers operates. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—De Beers Group’s production fell by a double-digit percentage in 2024 against a backdrop of lower demand for natural diamonds with parent company Anglo American considering writing down the value of the mining company, again.
According to figures released Thursday, De Beers’ production fell 26 percent in the fourth quarter to 5.8 million carats and was down 22 percent for the full year.
The company mined 24.7 million carats of diamonds in 2024—near the middle of its guidance range—compared with 31.9 million carats in 2023.
Production for the year was down 27 percent in Botswana, 16 percent in Canada, and 4 percent in Namibia as De Beers pulled back on operations in response to retailers being “cautious” in their purchasing and the midstream remaining stocked with goods.
South Africa was the only country where De Beers recorded an increase in production (up 8 percent) due to the transition to underground mining at Venetia and a “slight” improvement in grades of processed ore.
De Beers’ full-year consolidated sales volumes were down 28 percent year-over-year.
Its average realized price for rough diamonds increased by 3 percent to $152 per carat due to there being an increased volume of higher-value rough diamonds in the mix.
However, the average rough price index, which comprises the weighted average of percentage changes in selling price across all sights for the year and is a better “like-for-like” indicator of rough diamonds prices, declined by 20 percent.
Looking ahead, Anglo and De Beers have significantly reduced diamond production guidance for 2025.
In addition, after “assessing the impact of diamond market conditions and general fall in demand in China,” Anglo said it is likely to write down the value of De Beers when it reports its full-year results next month.
Anglo took a $1.6 billion impairment charge on De Beers last year.
De Beers is now forecast to mine 20-23 million carats of diamonds this year, down from previous guidance of 30-33 million carats.
Anglo also lowered guidance for the diamond miner and marketer in 2026, dropping it from 32-35 million carats to 26-29 million carats.
Related stories will be right here …
According to figures released Thursday, De Beers’ production fell 26 percent in the fourth quarter to 5.8 million carats and was down 22 percent for the full year.
The company mined 24.7 million carats of diamonds in 2024—near the middle of its guidance range—compared with 31.9 million carats in 2023.
Production for the year was down 27 percent in Botswana, 16 percent in Canada, and 4 percent in Namibia as De Beers pulled back on operations in response to retailers being “cautious” in their purchasing and the midstream remaining stocked with goods.
South Africa was the only country where De Beers recorded an increase in production (up 8 percent) due to the transition to underground mining at Venetia and a “slight” improvement in grades of processed ore.
De Beers’ full-year consolidated sales volumes were down 28 percent year-over-year.
Its average realized price for rough diamonds increased by 3 percent to $152 per carat due to there being an increased volume of higher-value rough diamonds in the mix.
However, the average rough price index, which comprises the weighted average of percentage changes in selling price across all sights for the year and is a better “like-for-like” indicator of rough diamonds prices, declined by 20 percent.
Looking ahead, Anglo and De Beers have significantly reduced diamond production guidance for 2025.
In addition, after “assessing the impact of diamond market conditions and general fall in demand in China,” Anglo said it is likely to write down the value of De Beers when it reports its full-year results next month.
Anglo took a $1.6 billion impairment charge on De Beers last year.
De Beers is now forecast to mine 20-23 million carats of diamonds this year, down from previous guidance of 30-33 million carats.
Anglo also lowered guidance for the diamond miner and marketer in 2026, dropping it from 32-35 million carats to 26-29 million carats.
De Beers’ latest sales and production figures were released as part of Anglo’s fourth-quarter production report.
In the report, Anglo Chief Executive Duncan Wanblad said the mining company is making “excellent progress” with what he called its “portfolio simplification.”
Last year, it announced plans to slim down its portfolio to focus on materials that will be part of the “green” revolution—copper, premium iron ore, and crop nutrients assets—while selling off or demerging other business units, including De Beers and Anglo American Platinum.
On Thursday, Wanblad said Anglo has made a deal to offload its steelmaking coal mines in Australia to Peabody Energy for as much as $4.9 billion in aggregate gross cash proceeds.
He said the company expects to demerge Anglo American Platinum by the middle of 2025 and continues to prepare the De Beers business for “separation,” though he did not provide a timeline.
Anglo is slated to report its full-year results on Feb. 20.
More on Sourcing
The Latest
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
