Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
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
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
