SourcingFeb 02, 2021
De Beers’ 2020 Production Down 18%, Lowers ’21 ForecastSourcingFeb 25, 2021
De Beers’ 2020 Revenue Declines 27%
The diamond miner and marketer said COVID-19 had a “profound impact” on global diamond supply and demand.
Rough diamond sales declined 30 percent in dollars terms and 27 percent in volume terms for De Beers Group in 2020, as the pandemic impacted all points in the supply chain, halting retail sales, manufacturing and mining. (Photo courtesy of De Beers Group)
London—Sales and diamond production dropped sharply in 2020 for De Beers Group, as COVID-19 had a “profound impact” on global diamond supply and demand, the company said.
Total revenue fell 27 percent to $3.4 billion, compared with $4.6 billion in 2019.
Rough diamond sales declined 30 percent to $2.8 billion, compared with $4 billion in 2019, as demand decreased at the retail level and factories in India shuttered for health and safety reasons, forcing De Beers to be more flexible with its clients.
Rough diamond sales volume shrunk 27 percent to 21.4 million carats, compared with 29.2 million carats in 2019. The average realized price slipped 3 percent to $133 per carat, down from $137/carat in 2019.
As previously reported, production fell 18 percent to 25.1 million carats due to COVID-19 shutdowns at mines and the drop in consumer demand.
De Beers recorded an underlying loss of $102 million, compared with underlying earnings of $45 million in 2019. Rapaport noted this was the company’s first time in the red since 2009, in the immediate aftermath of the global financial crisis.
Related stories will be right here …
Total revenue fell 27 percent to $3.4 billion, compared with $4.6 billion in 2019.
Rough diamond sales declined 30 percent to $2.8 billion, compared with $4 billion in 2019, as demand decreased at the retail level and factories in India shuttered for health and safety reasons, forcing De Beers to be more flexible with its clients.
Rough diamond sales volume shrunk 27 percent to 21.4 million carats, compared with 29.2 million carats in 2019. The average realized price slipped 3 percent to $133 per carat, down from $137/carat in 2019.
As previously reported, production fell 18 percent to 25.1 million carats due to COVID-19 shutdowns at mines and the drop in consumer demand.
De Beers recorded an underlying loss of $102 million, compared with underlying earnings of $45 million in 2019. Rapaport noted this was the company’s first time in the red since 2009, in the immediate aftermath of the global financial crisis.
De Beers Group’s 2020 financials were released Thursday morning as part of parent company Anglo American’s preliminary full-year results.
Other highlights of the year for De Beers included the following:
— Work continued on the underground expansion of the Venetia mine in South Africa, as well as on Cut-9 at Jwaneng in Botswana;
— Namibia’s new off-shore diamond mining vessel, AMV3, remains on track for commissioning in 2022; it is the largest diamond recovery vessel ever built; and
— Construction was completed on the Lightbox lab-grown diamond facility in Oregon.
Looking ahead to 2021, De Beers said there is potential for a continued recovery in demand for rough diamonds amid “positive” demand trends in key markets and healthier inventory levels across the supply chain.
The company also said it expects consumer desire for natural diamonds to remain high in the mid- to long-term future, despite the pandemic and the increasing supply of lab-grown diamonds on the market.
De Beers noted that COVID-19 accelerated the transformation that was already underway in the jewelry industry—more efficient inventory management, increased online purchasing, and growing demand by consumers to know where products come from and how they impact the people who make them.
De Beers has set its 2021 production guidance at 32-34 million carats, subject to trading conditions, further COVID-19-related disruptions, and ongoing operational challenges, particularly around the restarting of the plant at the Orapa mine following the planned shutdown in November.
More on Sourcing
The Latest
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.
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.
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.
MajorsMay 22, 2026
Stuller’s New Packaging, Display Catalog Is Out The updated catalog has a newly dedicated section for gift wrapping.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
