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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
