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
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
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.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
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.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
