FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
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
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
SourcingNov 25, 2025
Finestar Opens Diamond Manufacturing Facility in JohannesburgIt joins the company’s other manufacturing facilities globally, including in India, Botswana, and Namibia.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
