CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
SourcingFeb 22, 2019
De Beers’ Sales Rise but Earnings Sink
The company warned that the global diamond jewelry market “faces a number of headwinds” in 2019.
A variety of colored diamonds of “a good quality and comparatively high value” recovered by De Beers (Namdeb) off the coast of Namibia. The company sold less rough by volume but for a higher average realized price in 2018. (Image © PMP/ De Beers 2011)
London—De Beers’ sales increased in 2018 but profits tumbled due to the money it spent on initiatives like Lightbox and Tracr, its blockchain platform.
Parent company Anglo American reported Thursday that total revenue for De Beers Group in 2018 rose 4 percent year-over-year to $6.10 billion, compared with $5.84 billion in 2017.
The company sold less rough by volume—31.7 million carats vs. 32.5 million carats in 2017—but for a higher average realized price, $162 per carat to $171 per carat, as sales of lower-value diamonds dropped off in the second half of the year.
Revenue classified as “other,” which includes industrial diamond arm Element Six (the company making the diamonds for Lightbox, the lab-grown jewelry line) and De Beers’ jewelry stores, also increased due to improved sales of high-end pieces at De Beers Jewellers, though Element Six’s sales were down 5 percent due to a drop-off in demand for industrial diamonds from the oil and gas market.
Underlying EBITDA fell 13 percent, from $1.44 billion to $1.25 billion.
De Beers said while it maintained unit costs and upstream profit margins, the money it spent to launch Lightbox Lightbox, blockchain platform Tracr and GemFair, its pilot program for tracking diamonds mined artisanally or on a small scale, ate into profit as did increased expenditure in marketing, exploration and evaluation in Canada.
De Beers said worldwide, preliminary data indicates consumers bought more jewelry in dollar terms in 2018, with the first half of the year finishing particularly strong.
However, demand slowed in the second half due to increased “political and policy uncertainty” and volatility in the stock market. This mirrors what jewelers told National Jeweler at the recent Centurion show—that business dropped off in December after the stock market took a dive.
De Beers also noted that the midstream sector of the market—diamond cutters and polishers—had a difficult second half due to weak demand for and surplus availability of lower-priced rough, the rapid depreciation of the rupee and inability to get bank financing.
In 2019, it said while current economic forecasts remain positive, consumer demand for diamond jewelry globally “faces a number of headwinds,” including escalating trade tensions between the United States and China, and further exchange rate volatility.
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’Production-wise, De Beers mined 35.3 million carats of rough in 2018, rising 6 percent from 2017 but falling at the low end
of the production prediction for the year (35-36 million carats).
Botswana remained De Beers’ top-producing nation by far, pumping out 24.1 million carats of diamonds, up 6 percent from 22.7 million last year due in part to the restart of operations at Damtshaa.
Production fell 10 percent in South Africa, from 5.2 to 4.7 million carats, while rising in both Canada and Namibia.
In Canada, De Beers mined 4.5 million carats of diamonds last year, up from 3.8 million in 2017 due to the full-year contribution from the new Gahcho Kué mine and the last push of production at Victor, which is slated to close in the first half of this year.
Production in Namibia totaled 2.0 million carats, up from 1.8 million carats in 2017.
Looking ahead to 2019, De Beers said it expects production to be lower, in the range of 31 to 33 million carats, subject to trading conditions.
More of De Beers’ production will come from the mines in which it has joint venture partners in 2019, and it also will see production drop off at the Venetia mine in South Africa as it scales back ahead of the closure of the open-pit portion of that operation.
Botswana remained De Beers’ top-producing nation by far, pumping out 24.1 million carats of diamonds, up 6 percent from 22.7 million last year due in part to the restart of operations at Damtshaa.
Production fell 10 percent in South Africa, from 5.2 to 4.7 million carats, while rising in both Canada and Namibia.
In Canada, De Beers mined 4.5 million carats of diamonds last year, up from 3.8 million in 2017 due to the full-year contribution from the new Gahcho Kué mine and the last push of production at Victor, which is slated to close in the first half of this year.
Production in Namibia totaled 2.0 million carats, up from 1.8 million carats in 2017.
Looking ahead to 2019, De Beers said it expects production to be lower, in the range of 31 to 33 million carats, subject to trading conditions.
More of De Beers’ production will come from the mines in which it has joint venture partners in 2019, and it also will see production drop off at the Venetia mine in South Africa as it scales back ahead of the closure of the open-pit portion of that operation.
More on Sourcing
The Latest
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
