AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
SourcingDec 16, 2019
De Beers’ Sales Drop 26%, Production Forecast Cut for ‘20
Parent company Anglo American said it’s been a “tough market” for diamonds.
A shot of Orapa, one of the diamond mines De Beers Group operates in Botswana. Parent company Anglo American cut its production forecasts for the miner for fiscal years 2020 and 2021. (Photo courtesy of De Beers Group)
London—De Beers Group parent company Anglo American Plc said the diamond miner’s sales fell 26 percent this year amid “challenging market conditions,” and it’s lowering its sights on production in the near future.
In an update for investors and analysts released last week, the London-based company said De Beers is expected to mine approximately 31 million carats of diamonds in 2019, down 11 percent from 35 million last year.
Prices on a full-year basis have dropped about 20 percent while the diamond price index is down about 5 percent.
De Beers’ mix is down in terms of quality (by price) about 15 percent, due in part to the company holding back some higher-quality goods in hopes market conditions improve.
On a call with analysts held in conjunction with the update, Anglo Chief Executive Mark Cutifani said it has been a “tough market” for diamonds.
In an email to National Jeweler, De Beers spokesman David Johnson elaborated on what made 2019 so tough for the miner.
He said a weak 2018 holiday season meant retailers did not need to restock early in the year.
This created an “amplified impact on demand up through the value chain,” affecting diamond manufacturers, who continue to struggle to secure financing for their operations, and mining companies like De Beers.
That’s why De Beers sold less rough in 2019 and has cut its production forecast for the next couple years.
Johnson said De Beers’ struggles are not the result of losing market share to lab-grown diamonds.
“The lab-grown diamond market remains very small compared with the natural diamond market (around 1-2 percent of the size of the natural diamond market), and all our research shows that consumers see natural diamonds and LGDs as different product categories, suited to different occasions.
“As noted above, consumer demand for diamond jewelry has been broadly stable compared with last year, and the changes in our rough diamond sales and production outlook are a result of the midstream challenges we’ve seen, rather than being related to anything at the consumer level of the industry.”
Anglo’s Cutifani said on the call he is waiting until the first couple sales of 2020 to make predictions about next year.
“We’ve certainly seen a little bit of improvement later in the year. I think the best thing to say is the first couple of sights in the new year will be, I think, a
better point in terms of how that market is going.
“We’ve seen some encouragement, but I think it’s still a little too early to bank that in any more of a substantive sense.”
Bain & Co. said in its annual diamond report released last Wednesday that 2020 will be “a better year” for the industry but doesn’t expect a full recovery until 2021.
Anglo has cut its diamond production forecast for the next two years.
In 2020, it expects De Beers will mine 32-34 million carats, down from its previous outlook of 33-35 million. For 2021, the forecast was cut from 35-37 million carats to 34-36 million carats.
Production guidance for FY 2022 is 33 to 35 million carats.
Anglo executives also gave a brief update on Chidliak, a potential diamond mining site on Canada’s Baffin Island that De Beers bought from Peregrine Diamonds Ltd. in September 2018.
Cutifani said the company is currently examining some different technologies for mining diamonds on the cold, remote island and likely will give a progress update on the project in mid-2020.
“More generally, in De Beers the focus is obviously on market and how we’re positioning in the marketplace,” he said. “Again, we think there’s some encouraging signs, but we don’t want to talk to those too early, so we’ll wait and see the first few sights next year.”
On a whole, Anglo American, which also mines platinum and copper, said it expects production to be up 1-2 percent year-over-year in 2019.
In 2020, it forecasts a 3 percent increase in production, aided in part by the diamond market “coming back to balance,” Finance Director Stephen Pearce said.
“We’ve seen some encouragement, but I think it’s still a little too early to bank that in any more of a substantive sense.”
Bain & Co. said in its annual diamond report released last Wednesday that 2020 will be “a better year” for the industry but doesn’t expect a full recovery until 2021.
Anglo has cut its diamond production forecast for the next two years.
In 2020, it expects De Beers will mine 32-34 million carats, down from its previous outlook of 33-35 million. For 2021, the forecast was cut from 35-37 million carats to 34-36 million carats.
Production guidance for FY 2022 is 33 to 35 million carats.
Anglo executives also gave a brief update on Chidliak, a potential diamond mining site on Canada’s Baffin Island that De Beers bought from Peregrine Diamonds Ltd. in September 2018.
Cutifani said the company is currently examining some different technologies for mining diamonds on the cold, remote island and likely will give a progress update on the project in mid-2020.
“More generally, in De Beers the focus is obviously on market and how we’re positioning in the marketplace,” he said. “Again, we think there’s some encouraging signs, but we don’t want to talk to those too early, so we’ll wait and see the first few sights next year.”
On a whole, Anglo American, which also mines platinum and copper, said it expects production to be up 1-2 percent year-over-year in 2019.
In 2020, it forecasts a 3 percent increase in production, aided in part by the diamond market “coming back to balance,” Finance Director Stephen Pearce said.
More on Sourcing
The Latest
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
