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.
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