ColumnistsMay 26, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
SourcingJul 23, 2019
De Beers Lowers Production Target as Demand Falters
Rough diamond production fell 14 percent in Q2, and the company has decreased guidance for the full year.
Diamond production fell 14 percent for De Beers in the second quarter and the company has cut guidance for the full year. Pictured here is a file photo of De Beers’ Gahcho Kué mine in Canada, which opened in 2016.
London—De Beers’ rough diamond production tumbled 14 percent in Q2 and the company is lowering its guidance for the full year in response to “subdued” demand.
The diamond miner and marketer reported Thursday that it recovered 7.7 million carats of rough diamonds in the second quarter 2019, down from 9 million in the same period last year.
The bulk of the second-quarter decline came from pre-planned cutbacks or closings.
Production in South Africa plummeted 44 percent year-over-year to 600,000 carats due to lower mined volumes at Venetia, which De Beers is transitioning from an open-pit to an underground operation, and the planned shutdown of production at Voorspoed.
The closing of Voorspoed leaves De Beers with just one diamond mine in South Africa, Venetia.
In Namibia, production dropped 35 percent to 335,000 carats due to the closure of the Elizabeth Bay mine and planned maintenance for the Mafuta crawler vessel, which mines diamonds in the ocean.
Production was down 9 percent to 1.1 million carats in Canada due to planned lower grades at Gahcho Kué, and fell 9 percent in Botswana—De Beers’ largest producing country by a wide margin—to 5.7 million carats due to a scheduled plant shutdown at Orapa.
Gahcho Kué is De Beers’ only remaining diamond mine in Canada following the planned closure of Victor in the second quarter 2019.
De Beers said Thursday that it is cutting its production guidance for the year from 31-33 million to 31 million carats in response to “weaker trading conditions.”
The diamond miner and marketer also mentioned the drop-off in demand for diamonds when reporting on sales and rough diamond prices so far this year.
RELATED CONTENT: Diamond Sales Down 33% in De Beers’ Latest Cycle
Rough diamond sales totaled 9 million carats in the first three sales cycles of the year, down 10 percent from 10 million carats in the same period last year.
“Demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories, and caution due to macro-economic uncertainty, including U.S.-China trade tensions,” De Beers said.
Average realized rough diamond prices are down 7 percent from $162/carat to $151/carat, driven by a 4 percent reduction in the average rough price index and weaker conditions prompting the sale of more lower-priced goods.
More on Sourcing
The Latest
Events & AwardsMay 26, 2026
12 JCK Talks Sessions to Add to Your Las Vegas ScheduleThe trade show’s education series returns, with sessions on retail trends, AI, watches, marketing, corporate responsibility, and more.
Events & AwardsMay 26, 2026
CBG Brings Its Curated Designer Project to Las Vegas ShowThe Curated Designer Project has expanded to highlight eight independent jewelry designers during CBG’s Las Vegas show.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
TrendsMay 26, 2026
Amanda’s Style File: A Cooldown Is ComingBring a cool tone to your summer jewelry with these white metal pieces.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
FinancialsMay 22, 2026
Richemont’s Jewelry Brands Lead the Charge in Q4The company’s jewelry sales were up in Q4 and the fiscal year, with Richemont raising prices in part because of the cost of gold.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
MajorsMay 22, 2026
Stuller’s New Packaging, Display Catalog Is Out The updated catalog has a newly dedicated section for gift wrapping.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
