The company plans to raise the prices of select watches to offset the impact of tariffs.
De Beers’ 2020 Production Down 18%, Lowers ’21 Forecast
The diamond miner and marketer’s updated production target is now 32 million to 34 million carats.

London—Rough diamond production was down 14 percent in the fourth quarter of 2020 and 18 percent on the year for De Beers Group due to mine shutdowns and a drop in demand resulting from COVID-19.
The diamond mining and marketing company reported late last week that it recovered 25.1 million carats of rough diamonds in 2020, down from 30.8 million carats in 2019.
In the fourth quarter, production totaled 6.7 million carats, down 14 percent year-over-year and 7 percent from the third quarter.
In Botswana, De Beers’ biggest producer, production was down nearly 30 percent year-over-year in 2020, falling from 23.3 million carats to 16.6 million carats.
In the fourth quarter, it declined 28 percent, driven by the planned treatment of lower-grade material (ore with a smaller volume of diamonds in it) at Jwaneng. Partially offsetting the drop at Jwaneng was a 9 percent increase at Orapa due to a planned improvement in grade.
Production in Canada, where De Beers operates one mine, Gahcho Kué, fell 15 percent on the year and was down 23 percent in the fourth quarter due to maintenance.
In Namibia, production was down 15 percent year-over-year and 26 percent in the fourth quarter as the marine mining fleet remobilized after being sidelined in Q3.
In South Africa, production nearly doubled year-over-year, jumping from 1.9 million to 3.7 million carats. In the fourth quarter, production nearly tripled from 434,000 carats to 1.3 million.
Venetia, the company’s last mine in the country, posted expected improvement in ore grade at what is the last cut before the open-pit mine transitions into an underground operation.
COVID-19 was the main reason that De Beers’ production fell nearly 20 percent year-over-year.
It had to close or significantly reduce work at its mines for health and safety reasons.
In addition, mid-stream demand for rough was lower as manufacturers also were forced to shut down, then used the resumption of retail activity as a time to destock instead of buying more rough.
For 2021, De Beers has dialed back its expectations for production, citing not COVID-19 but ongoing operational challenges involving the plant at Orapa and lower expected production from the final cut at Venetia.
The company now predicts it will mine between 32 million to 34 million carats of rough diamonds, down from 33 million to 35 million.
RELATED CONTENT: Alrosa Ends Difficult Year With Strong Q4
De Beers echoed what Alrosa said in reporting its
Indications are that “encouraging” levels of consumer demand continued in the United States during the holiday season while China also performed well, De Beers said.
Rough diamond sales totaled 6.9 million carats from two sights in Q4, compared with 6.6 million carats from three sights in the third quarter.
The full-year consolidated average realized price declined by 3 percent to $133 per carat from $137 per carat in 2019. An increased proportion of higher-value rough diamonds sold in 2020 was not enough to completely offset the 10 percent reduction in the average rough price index.
The Latest

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

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.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.


The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Sponsored by Stuller

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

GemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.

The 3,300-square foot location is the jeweler's largest store in North America.

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.

The platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.

Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.

Get a taste of the delicious candy-like gemstones in this Amanda’s Style File.

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

The lab has adjusted the scale it uses for nacre grading.

Sponsored by GCAL by Sarine

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

The nonprofit elected five judges who will decide the winners of its design competition.

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.