SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024
The announcement came as the company reported a 23 percent drop in production in Q1.
De Beers Group mined 6.9 million carats of diamond in the first quarter, down from 8.9 million in the same period last year. The company expects its annual output to be 3 million carats lower than originally forecast. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
London—Diamond production fell 23 percent in the first quarter for De Beers Group and the company said it is cutting its guidance for the year amid continued oversupply in the market and a sluggish rough diamond market.
According to the Q1 production report released Wednesday, production fell in all countries where De Beers mines diamonds, expect Namibia.
In Botswana, which accounts for more than 70 percent of the company’s annual output, production fell to 5 million carats in the first quarter, down 28 percent from 6.9 million carats in Q1 2023.
De Beers intentionally cut back on operations at Jwaneng due to market conditions while it focused on processing existing surface stockpiles at Orapa.
In South Africa, production fell 19 percent year-over-year from 739,000 carats to 598,000 carats.
De Beers continues to mine lower-grade surface stockpiles while Venetia, its sole remaining mine in South Africa, ramps up for the transition to underground production.
Production fell 4 percent in Canada to 645,000 carats but ticked up 2 percent in Namibia to 633,000 carats.
Related stories will be right here …
According to the Q1 production report released Wednesday, production fell in all countries where De Beers mines diamonds, expect Namibia.
In Botswana, which accounts for more than 70 percent of the company’s annual output, production fell to 5 million carats in the first quarter, down 28 percent from 6.9 million carats in Q1 2023.
De Beers intentionally cut back on operations at Jwaneng due to market conditions while it focused on processing existing surface stockpiles at Orapa.
In South Africa, production fell 19 percent year-over-year from 739,000 carats to 598,000 carats.
De Beers continues to mine lower-grade surface stockpiles while Venetia, its sole remaining mine in South Africa, ramps up for the transition to underground production.
Production fell 4 percent in Canada to 645,000 carats but ticked up 2 percent in Namibia to 633,000 carats.
As De Beers noted when reporting on its latest round of rough diamond sales last week, sightholders remain hesitant about purchasing too many goods.
First-quarter 2024 rough diamond sales totaled 4.9 million carats from two sights, down from 9.7 million carats from three sights in Q1 2023, but up from the 2.8 million carats sold during two sights in Q4 2023.
The consolidated average realized price also increased, rising 23 percent to $201 per carat, reflecting the increase of higher-value rough diamonds in the sales mix and De Beers dropping prices, which stimulated demand for higher-priced goods.
De Beers said it expects the recovery in rough diamond sales to be “gradual” this year.
The company is lowering its production guidance for 2024 to 26-29 million carats, down from 29-32 million carats, a 9-10 percent difference.
More on Sourcing
The Latest
MajorsAug 26, 2024
Longtime Industry Sales Trainer Lenny Zell Dies at 97Said to be the first to write a jewelry sales manual for the industry, Zell is remembered for his zest for life.
WatchesAug 26, 2024
IWC Is Sending Its Watches to SpaceThe company outfitted the Polaris Dawn spaceflight crew with watches that will later be auctioned off to benefit St. Jude’s.
AuctionsAug 23, 2024
Abernethy Pearl Tops Estimates at Auction A buyer paid more than $100,000 for the gemstone known as “Little Willie,” setting a new auction record for a Scottish freshwater pearl.
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology StorySupplier Spotlight Sponsored by GIA.
CollectionsAug 23, 2024
Piece of the Week: Gumuchian’s Colorful ‘Spectrum’ NecklaceAnita Gumuchian created the 18-karat yellow gold necklace using 189 carats of colored gemstones she spent the last 40 years collecting.
Weekly QuizAug 23, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 22, 2024
Kaley Cuoco Has a Three-Stone Engagement Ring With a TwistThe three-stone ring was designed by Shahla Karimi Jewelry and represents Cuoco, her fiancé Tom Pelphrey, and their child.
CollectionsAug 22, 2024
Greenwich St. Jewelers Collabs with TikTok Jewelry Content CreatorThe Manhattan jewelry store has partnered with Xarissa B. of Jewel Boxing on a necklace capsule collection.
Brought to you by
Watch: Forging the Next Generation of Skilled Bench Jewelers at GIASupplier Spotlight Sponsored by GIA
TechnologyAug 21, 2024
Instagram’s Notes Feature Expands to Posts, ReelsActing as temporary virtual Post-it notes, Notes are designed to help strengthen mutual connections, not reach new audiences.
TrendsAug 21, 2024
Carol Woolton To Release New BookThe jewelry historian discusses the history and cultural significance of jewelry throughout time and across the globe.
TrendsAug 21, 2024
Amanda’s Style File: Shimmy and ShakeFrom fringe and tassels to pieces that give the illusion they are in motion, jewelry with movement is trending.
IndependentsAug 20, 2024
Mixed-Media Jewelry Artist Jan Yager Dies at 72The designer and maker found community around her Philadelphia studio and creative inspiration on the sidewalks below it.
ColumnistsAug 20, 2024
Google Ads Payment Policy Change: What It Means For YouThe change to accepted payment methods for Google Ads might seem like an irritation but actually is an opportunity, Emmanuel Raheb writes.
IndependentsAug 20, 2024
Pat Henneberry Releases MemoirThe industry consultant’s new book focuses on what she learned as an athlete recovering from a broken back.
Events & AwardsAug 20, 2024
The Ethical Gem Fair Is Going to CaliforniaThe fair will take place on the West Coast for the first time, hosted by Altana Fine Jewelry in Oakland, California.
MajorsAug 20, 2024
Kathy Hillelson Joins Board of WJA Foundation Hillelson is a second-generation diamantaire and CEO of Owl Financial Group.
Events & AwardsAug 19, 2024
Nominations Are Open for the 2025 Gem AwardsSubmissions in the categories of Jewelry Design, Media Excellence, and Retail Excellence will be accepted through this Friday, Aug. 23.
AuctionsAug 19, 2024
Scotland’s Famed Abernethy Pearl Is Up for Sale Known as “Little Willie,” it’s the largest freshwater pearl found in recent history in Scotland and is notable for its shape and color.
IndependentsAug 19, 2024
Kentucky Jeweler Closing After 89 YearsClements Jewelers in Madisonville cited competition from larger retailers and online sellers as the driving factor.
CrimeAug 16, 2024
Jewels Stolen During Green Vault Heist Back on DisplayMost of the 18th century royal jewelry taken from the Green Vault Museum in Dresden, Germany, in 2019 went back on display this week.
IndependentsAug 16, 2024
Louis Anthony Jewelers Announces First Resort StoreThe Pittsburgh jeweler has opened a store in the nearby Nemacolin resort.
CollectionsAug 16, 2024
Piece of the Week: Jonne Amaya’s ‘Cat Claw’ NecklaceWith a 40-carat cabochon emerald, this necklace is as powerful and elegant as a cat.
Events & AwardsAug 16, 2024
IJO Names Jewel-Craft as VIP Vendor of the YearThe Erlanger, Kentucky-based company was recognized for its reliability when it comes to repairs and fast turnaround times.
SourcingAug 15, 2024
Greenland Ruby Is Up For SaleUnable to pay its debts, the ruby and sapphire miner is looking to restructure and become a “competitive and attractive” company.
TrendsAug 15, 2024
Paola De Luca to Debut Trendbook 2026+ at VicenzaoroThe trend forecaster’s latest guide has intel on upcoming trends in the jewelry market.
Events & AwardsAug 15, 2024
Heather Ingraham Awarded WJA Helene Fortunoff Scholarship Ingraham said she’ll use the scholarship funds to attend the Women’s Leadership Program at the Yale School of Management.
IndependentsAug 15, 2024
DC Jeweler Schools Students About Jewelry Via Summer ProgramMoijey Fine Jewelry & Diamonds held a three-week “Mine to Finger 3D Jewelry Program.”
