EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
SourcingJul 17, 2020
Alrosa, De Beers Report Q2 Results
Production fell by 30-50 percent while sales plummeted as COVID-19 took its toll.
Both De Beers Group and Alrosa released second-quarter sales and production results Thursday. Both were down as COVID-19 restrictions brought mining to a halt and hampered diamond demand worldwide. (Image courtesy of De Beers Group)
New York—Production fell by 30-50 percent in the second quarter for the world’s two largest diamond mining companies as they shut down mines due to the coronavirus pandemic and resulting lockdowns.
Alrosa, which is cutting production by as much as 18 percent this year, reported Thursday Q2 production fell 29 percent quarter-to-quarter and is down 42 percent year-over-year to 5.7 million carats.
Year-to-date production is down 22 percent to 13.7 million carats.
For De Beers, production dropped 54 percent year-over-year in the second quarter to 3.5 million carats, due primarily to restrictions in southern Africa, the company said.
In Botswana, the company’s biggest producer, De Beers mined 1.8 million carats in Q2, down 68 percent year-over-year due to a nationwide lockdown from April 2 to May 18 and the implementation of COVID-19 safety measures for the workforce.
Operations restarted in mid-May, with production targeted at levels to meet the lower demand.
Production in South Africa slipped 3 percent but rose 7 percent in Namibia, where De Beers was able to continue off-shore mining despite the lockdowns on land.
De Beers also saw production fall in Canada, decreasing 27 percent due to the Victor mine no longer being in operation and the COVID-19 safety measures put in place at Gahcho Kué, its lone active mine in Canada.
The company aims to cut production by as much as 26 percent this year.
Also on Thursday, both companies released figures on Q2 sales, which also took a nosedive due to the drop in demand caused by COVID-19 as both miners continue to let customers defer purchases.
Alrosa’s preliminary results show Q2 sales totaled 634,000 carats, 361,000 of which were gem-quality, a mere fraction of the 8.3 million carats sold in the second quarter 2019.
In the first six months of 2020, Alrosa has sold 10.1 million carats of rough diamonds, down 47 percent from 18.9 million carats in the first half of last year.
In the second quarter, Alrosa said the diamond price index was down less than 2 percent quarter-to-quarter and has slipped only 2 percent year-to-date, which the company tributes to its “price-over-volume” strategy.
In dollar terms, rough and polished sales totaled $87 million in the
second quarter, down 90 percent from Q1 and 89 percent year-over-year.
Year-to-date, sales have totaled $991 million. At this point last year, Alrosa had sold $1.78 billion in diamonds, a 44 percent decline.
De Beers’ rough diamond sales totaled 300,000 carats, compared with 9 million carats in Q2 2019.
In dollar terms, sales totaled $56 million, compared with $1.3 billion in the same period last year.
The company’s average realized rough diamond price was down 21 percent in the first half of the year to $119/carat (H1 2019: $151/carat), driven by a higher proportion of lower-value rough diamonds sold and an 8 percent reduction in the average rough price index.
De Beers canceled its third sight because of COVID-19-related travel restrictions and is letting sightholders defer up to 100 percent of their allocations at the fourth and fifth sights.
Alrosa too said it is satisfying “only the real demand while maintaining a stable price,” a policy aimed at “supporting long-term customers and the entire diamond industry.”
Year-to-date, sales have totaled $991 million. At this point last year, Alrosa had sold $1.78 billion in diamonds, a 44 percent decline.
De Beers’ rough diamond sales totaled 300,000 carats, compared with 9 million carats in Q2 2019.
In dollar terms, sales totaled $56 million, compared with $1.3 billion in the same period last year.
The company’s average realized rough diamond price was down 21 percent in the first half of the year to $119/carat (H1 2019: $151/carat), driven by a higher proportion of lower-value rough diamonds sold and an 8 percent reduction in the average rough price index.
De Beers canceled its third sight because of COVID-19-related travel restrictions and is letting sightholders defer up to 100 percent of their allocations at the fourth and fifth sights.
Alrosa too said it is satisfying “only the real demand while maintaining a stable price,” a policy aimed at “supporting long-term customers and the entire diamond industry.”
More on Sourcing
The Latest
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
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.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
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.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
