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
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
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 & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
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.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
