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
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.
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.
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.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
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.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
