IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SourcingDec 16, 2019
De Beers’ Sales Drop 26%, Production Forecast Cut for ‘20
Parent company Anglo American said it’s been a “tough market” for diamonds.
A shot of Orapa, one of the diamond mines De Beers Group operates in Botswana. Parent company Anglo American cut its production forecasts for the miner for fiscal years 2020 and 2021. (Photo courtesy of De Beers Group)
London—De Beers Group parent company Anglo American Plc said the diamond miner’s sales fell 26 percent this year amid “challenging market conditions,” and it’s lowering its sights on production in the near future.
In an update for investors and analysts released last week, the London-based company said De Beers is expected to mine approximately 31 million carats of diamonds in 2019, down 11 percent from 35 million last year.
Prices on a full-year basis have dropped about 20 percent while the diamond price index is down about 5 percent.
De Beers’ mix is down in terms of quality (by price) about 15 percent, due in part to the company holding back some higher-quality goods in hopes market conditions improve.
On a call with analysts held in conjunction with the update, Anglo Chief Executive Mark Cutifani said it has been a “tough market” for diamonds.
In an email to National Jeweler, De Beers spokesman David Johnson elaborated on what made 2019 so tough for the miner.
He said a weak 2018 holiday season meant retailers did not need to restock early in the year.
This created an “amplified impact on demand up through the value chain,” affecting diamond manufacturers, who continue to struggle to secure financing for their operations, and mining companies like De Beers.
That’s why De Beers sold less rough in 2019 and has cut its production forecast for the next couple years.
Johnson said De Beers’ struggles are not the result of losing market share to lab-grown diamonds.
“The lab-grown diamond market remains very small compared with the natural diamond market (around 1-2 percent of the size of the natural diamond market), and all our research shows that consumers see natural diamonds and LGDs as different product categories, suited to different occasions.
“As noted above, consumer demand for diamond jewelry has been broadly stable compared with last year, and the changes in our rough diamond sales and production outlook are a result of the midstream challenges we’ve seen, rather than being related to anything at the consumer level of the industry.”
Anglo’s Cutifani said on the call he is waiting until the first couple sales of 2020 to make predictions about next year.
“We’ve certainly seen a little bit of improvement later in the year. I think the best thing to say is the first couple of sights in the new year will be, I think, a
Editors' Picks
Sponsored by
better point in terms of how that market is going.
“We’ve seen some encouragement, but I think it’s still a little too early to bank that in any more of a substantive sense.”
Bain & Co. said in its annual diamond report released last Wednesday that 2020 will be “a better year” for the industry but doesn’t expect a full recovery until 2021.
Anglo has cut its diamond production forecast for the next two years.
In 2020, it expects De Beers will mine 32-34 million carats, down from its previous outlook of 33-35 million. For 2021, the forecast was cut from 35-37 million carats to 34-36 million carats.
Production guidance for FY 2022 is 33 to 35 million carats.
Anglo executives also gave a brief update on Chidliak, a potential diamond mining site on Canada’s Baffin Island that De Beers bought from Peregrine Diamonds Ltd. in September 2018.
Cutifani said the company is currently examining some different technologies for mining diamonds on the cold, remote island and likely will give a progress update on the project in mid-2020.
“More generally, in De Beers the focus is obviously on market and how we’re positioning in the marketplace,” he said. “Again, we think there’s some encouraging signs, but we don’t want to talk to those too early, so we’ll wait and see the first few sights next year.”
On a whole, Anglo American, which also mines platinum and copper, said it expects production to be up 1-2 percent year-over-year in 2019.
In 2020, it forecasts a 3 percent increase in production, aided in part by the diamond market “coming back to balance,” Finance Director Stephen Pearce said.
“We’ve seen some encouragement, but I think it’s still a little too early to bank that in any more of a substantive sense.”
Bain & Co. said in its annual diamond report released last Wednesday that 2020 will be “a better year” for the industry but doesn’t expect a full recovery until 2021.
Anglo has cut its diamond production forecast for the next two years.
In 2020, it expects De Beers will mine 32-34 million carats, down from its previous outlook of 33-35 million. For 2021, the forecast was cut from 35-37 million carats to 34-36 million carats.
Production guidance for FY 2022 is 33 to 35 million carats.
Anglo executives also gave a brief update on Chidliak, a potential diamond mining site on Canada’s Baffin Island that De Beers bought from Peregrine Diamonds Ltd. in September 2018.
Cutifani said the company is currently examining some different technologies for mining diamonds on the cold, remote island and likely will give a progress update on the project in mid-2020.
“More generally, in De Beers the focus is obviously on market and how we’re positioning in the marketplace,” he said. “Again, we think there’s some encouraging signs, but we don’t want to talk to those too early, so we’ll wait and see the first few sights next year.”
On a whole, Anglo American, which also mines platinum and copper, said it expects production to be up 1-2 percent year-over-year in 2019.
In 2020, it forecasts a 3 percent increase in production, aided in part by the diamond market “coming back to balance,” Finance Director Stephen Pearce said.
More on Sourcing
The Latest
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
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.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
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.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsJun 01, 2026
Design Atelier Brands Have a Big Night at Emotional Couture Design AwardsThe show started by honoring Mildred Marcano, ended with a tearful Beth Anne Bonanno, and recognized a dozen-plus designers in between.
SourcingJun 01, 2026
RapNet Rebranding as Rapaport TradeThe revamped online diamond marketplace will feature pricing intelligence and data-driven tools for more efficient buying and selling.
SourcingJun 01, 2026
Gemfields’ Higher-Quality Emerald Auction Achieves $26.8MThe miner said demand for higher-quality emeralds is stable, but there is notable caution in the market.
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
MajorsMay 28, 2026
Signet Jewelers to Buy The Clear Cut Signet will integrate the online-only, natural diamond-focused jeweler into Blue Nile, which it wants to position as a higher-end retailer.
CollectionsMay 28, 2026
Meet The 17 Newcomers to Couture’s Design AtelierThese up-and-coming jewelry brands are bringing their distinct aesthetic and unique point-of-view to the Design Atelier for the first time.
