Associate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
De Beers’ Parent Company Raises Production Forecast
Anglo American expects to mine more diamonds, as well as more copper and platinum.

London—De Beers’ parent company said Tuesday it will mine more diamonds than originally forecast this year.
In an investor update led by CEO Chief Executive Officer Mark Cutifani, Anglo American raised its production guidance for De Beers for fiscal year 2018 from 34-36 million carats to 35-36 million carats, up from 33.5 million mined last year.
It lowered guidance for fiscal year 2019 slightly.
The previous forecast was about 32 million carats, but Anglo said Tuesday De Beers’ production could now be in the range of 31-33 million carats due to declining open-pit production at the Venetia mine in South Africa and the Victor mine in Canada nearing end-of-life.
Victor is set to cease operations in early 2019.
Beyond 2019, Anglo sees diamond production continuing to rise.
It projects De Beers will mine between 33 and 35 million carats in FY2020 (up from the previous forecast of about 32 million carats) and between 35 and 37 million carats in fiscal year 2021 (this is the first time Anglo has provided guidance for FY 2021) .
Overall, Anglo American expects FY2018 production to come in at 2 percent above its original forecast, driven by increased production of diamonds as well as platinum and copper.
Costs are expected to be 5 percent below previous guidance.
Under Cutifani’s leadership over the past five years, Anglo has cut costs and improved productivity while streamlining its portfolio. For De Beers, this has included selling or closing a number of diamond mines.
Commenting on the company’s progress Tuesday, the CEO said: “We have completely transformed the quality of our asset portfolio and our performance as a whole over the last five years. We have created a highly competitive business, with Anglo American amongst the very best in the industry in terms of margin.
“We see considerable further opportunity ahead and continue to target $3-4 billion of incremental annual EBITDA by 2022. This will come from a combination of meeting or surpassing industry best-practice equipment performance across our operations; volume growth from existing and new operations … and the deployment of our FutureSmart Mining technologies and digitalization. It is these technologies that will transform how we mine, process and market our products, providing the next step change in our performance.”
The Latest

Fordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.

Gilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.


Located in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.

As the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

The Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.

The two organizations have finalized and signed the affiliation agreement announced in May.

The single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.

The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.