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De Beers’ Production Drops 25% as Demand Remains Sluggish
The company combined two sights in Q3 due to the slowdown in demand, and said it is moving up the dates for sights 9 and 10 in Q4.
De Beers Group saw production slide again in the third quarter as diamond demand remains muted. It is working with Signet Jewelers in the United States to boost demand for natural diamonds among those 25 to 30 years old, a prime demographic for purchasing engagement rings. It also is working on marketing natural diamonds in China via a partnership with Chow Tai Fook.
London—Production dropped 25 percent in the third quarter for De Beers Group as diamond demand remains sluggish, particularly in China.
The diamond miner and marketer reported late last week that third-quarter production totaled 5.6 million carats, compared with 7.4 million carats in Q3 2023.
Year-to-date, production has totaled 18.9 million carats, a 21 percent drop-off when compared with 23.9 million carats in 2023.
De Beers cited the “prolonged period” of lower demand for diamonds that has resulted in a glut of goods in the midstream, and its continued focus on managing costs as parent company Anglo American looks to offload it as the reasons for the drop in production.
Production was down in three of the four countries where De Beers mines diamonds.
It fell 32 percent to 4 million carats in Botswana, where De Beers cut back on operations at the Jwaneng mine, and declined 14 percent to 500,000 carats in Namibia, where the company pulled back on marine mining operations.
In Canada, production slid 11 percent to 600,000 carats as it focused on treating lower-grade ore.
The only country where diamond production increased in Q3 was South Africa.
Production there rose 41 percent year-over-year to 500,000 carats due to underground operations ramping up at Venetia, De Beers’ only remaining mine in the country.
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The diamond miner and marketer reported late last week that third-quarter production totaled 5.6 million carats, compared with 7.4 million carats in Q3 2023.
Year-to-date, production has totaled 18.9 million carats, a 21 percent drop-off when compared with 23.9 million carats in 2023.
De Beers cited the “prolonged period” of lower demand for diamonds that has resulted in a glut of goods in the midstream, and its continued focus on managing costs as parent company Anglo American looks to offload it as the reasons for the drop in production.
Production was down in three of the four countries where De Beers mines diamonds.
It fell 32 percent to 4 million carats in Botswana, where De Beers cut back on operations at the Jwaneng mine, and declined 14 percent to 500,000 carats in Namibia, where the company pulled back on marine mining operations.
In Canada, production slid 11 percent to 600,000 carats as it focused on treating lower-grade ore.
The only country where diamond production increased in Q3 was South Africa.
Production there rose 41 percent year-over-year to 500,000 carats due to underground operations ramping up at Venetia, De Beers’ only remaining mine in the country.
Because of sluggish demand, De Beers merged sights 7 and 8 into a single selling event in the third quarter and it has moved up the dates for sights 9 and 10 to support sightholders ahead of the holiday selling season.
Results of the combined sights will be reflected in the fourth-quarter production report, leaving Q3 with only one sight totaling 2.1 million carats and generating $213 million in revenue, compared with three sights in Q3 2023 that totaled 7.4 million carats and generated $899 million in revenue.
The year-to-date consolidated average realized price for rough diamonds increased by 4 percent to $160/carat.
De Beers said it sold a larger proportion of higher-value rough diamonds but that was partially offset by an 18 percent decrease in the average rough price index.
In the third quarter, the average rough price index remained largely unchanged from the second quarter 2024.
De Beers said its production forecast for the year remains unchanged at 23 million-26 million carats but noted it was “actively assessing” with its partners ways to reduce production going forward.
Also during Q3, De Beers launched “Worth the Wait,” its new natural diamond marketing campaign created in partnership with Signet Jewelers.
The campaign focuses on the emotional work people must do to be ready for a healthy relationship, likening the time and pressure it takes to become one’s best self to the natural diamond growth process.
The media plan for “Worth the Wait” includes social media, streaming platforms like Hulu and Peacock, and the in-store screens and websites of Signet Jewelers-owned stores.
It is aimed at the “zillennials,” people born on the tail end of the millennial generation or in the early years of Gen Z.
Zillennials are approximately 25 to 30 years old, making them prime targets for engagement ring marketing.
De Beers also is collaborating on a natural diamond marketing campaign in China with that country’s Signet equivalent, Chow Tai Fook.
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