WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
SourcingFeb 22, 2019
De Beers’ Sales Rise but Earnings Sink
The company warned that the global diamond jewelry market “faces a number of headwinds” in 2019.
A variety of colored diamonds of “a good quality and comparatively high value” recovered by De Beers (Namdeb) off the coast of Namibia. The company sold less rough by volume but for a higher average realized price in 2018. (Image © PMP/ De Beers 2011)
London—De Beers’ sales increased in 2018 but profits tumbled due to the money it spent on initiatives like Lightbox and Tracr, its blockchain platform.
Parent company Anglo American reported Thursday that total revenue for De Beers Group in 2018 rose 4 percent year-over-year to $6.10 billion, compared with $5.84 billion in 2017.
The company sold less rough by volume—31.7 million carats vs. 32.5 million carats in 2017—but for a higher average realized price, $162 per carat to $171 per carat, as sales of lower-value diamonds dropped off in the second half of the year.
Revenue classified as “other,” which includes industrial diamond arm Element Six (the company making the diamonds for Lightbox, the lab-grown jewelry line) and De Beers’ jewelry stores, also increased due to improved sales of high-end pieces at De Beers Jewellers, though Element Six’s sales were down 5 percent due to a drop-off in demand for industrial diamonds from the oil and gas market.
Underlying EBITDA fell 13 percent, from $1.44 billion to $1.25 billion.
De Beers said while it maintained unit costs and upstream profit margins, the money it spent to launch Lightbox Lightbox, blockchain platform Tracr and GemFair, its pilot program for tracking diamonds mined artisanally or on a small scale, ate into profit as did increased expenditure in marketing, exploration and evaluation in Canada.
De Beers said worldwide, preliminary data indicates consumers bought more jewelry in dollar terms in 2018, with the first half of the year finishing particularly strong.
However, demand slowed in the second half due to increased “political and policy uncertainty” and volatility in the stock market. This mirrors what jewelers told National Jeweler at the recent Centurion show—that business dropped off in December after the stock market took a dive.
De Beers also noted that the midstream sector of the market—diamond cutters and polishers—had a difficult second half due to weak demand for and surplus availability of lower-priced rough, the rapid depreciation of the rupee and inability to get bank financing.
In 2019, it said while current economic forecasts remain positive, consumer demand for diamond jewelry globally “faces a number of headwinds,” including escalating trade tensions between the United States and China, and further exchange rate volatility.
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’Production-wise, De Beers mined 35.3 million carats of rough in 2018, rising 6 percent from 2017 but falling at the low end
Editors' Picks
Sponsored by
of the production prediction for the year (35-36 million carats).
Botswana remained De Beers’ top-producing nation by far, pumping out 24.1 million carats of diamonds, up 6 percent from 22.7 million last year due in part to the restart of operations at Damtshaa.
Production fell 10 percent in South Africa, from 5.2 to 4.7 million carats, while rising in both Canada and Namibia.
In Canada, De Beers mined 4.5 million carats of diamonds last year, up from 3.8 million in 2017 due to the full-year contribution from the new Gahcho Kué mine and the last push of production at Victor, which is slated to close in the first half of this year.
Production in Namibia totaled 2.0 million carats, up from 1.8 million carats in 2017.
Looking ahead to 2019, De Beers said it expects production to be lower, in the range of 31 to 33 million carats, subject to trading conditions.
More of De Beers’ production will come from the mines in which it has joint venture partners in 2019, and it also will see production drop off at the Venetia mine in South Africa as it scales back ahead of the closure of the open-pit portion of that operation.
Botswana remained De Beers’ top-producing nation by far, pumping out 24.1 million carats of diamonds, up 6 percent from 22.7 million last year due in part to the restart of operations at Damtshaa.
Production fell 10 percent in South Africa, from 5.2 to 4.7 million carats, while rising in both Canada and Namibia.
In Canada, De Beers mined 4.5 million carats of diamonds last year, up from 3.8 million in 2017 due to the full-year contribution from the new Gahcho Kué mine and the last push of production at Victor, which is slated to close in the first half of this year.
Production in Namibia totaled 2.0 million carats, up from 1.8 million carats in 2017.
Looking ahead to 2019, De Beers said it expects production to be lower, in the range of 31 to 33 million carats, subject to trading conditions.
More of De Beers’ production will come from the mines in which it has joint venture partners in 2019, and it also will see production drop off at the Venetia mine in South Africa as it scales back ahead of the closure of the open-pit portion of that operation.
More on Sourcing
The Latest
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
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.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
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.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
