The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
De Beers’ 2018 Production Up, Sales Slide
The company mined 35.3 million carats of diamonds, coming in at the low end of its forecasted range of 35-36 million carats.
London—De Beers’ production rose 6 percent year-over-year in 2018, though sales were down as demand for lower-quality rough diamonds dropped off in the second half of the year.
Parent company Anglo American reported Thursday that De Beers mined 35.3 million carats of diamonds in 2018, compared with 33.5 million carats in 2017. This included a 12 percent increase in fourth quarter production, from 8.1 to 9.1 million carats.
Production in Botswana—De Beers’ top country for diamond mining—was up 6 percent due to a 20 percent total increase in production at three mines: Orapa, Letlhakane and Damtshaa.
In Namibia, production rose 11 percent as the Mafuta crawler (one of the company’s off-shore mining vessels) spent less time in port, though the country’s land mining operations were mothballed. De Beers said last February it was looking for a buyer for Elizabeth Bay but hasn’t found one.
Production in South Africa dropped 10 percent. De Beers has just two diamonds mines left in South Africa, Venetia and Voorspoed, and is set to close Voorspoed, leaving it with one operation in the country.
In Canada, where De Beers also will soon be down to one diamond mine, production rose 19 percent year-over-year due to higher grades at the Victor mine as it nears end-of-life.
Sales came in lower than production.
De Beers sold 33.7 million carats of diamonds in 2018, down 4 percent from 35.1 million carats in 2017, as demand for lower-value rough diamonds declined in the second half of the year.
For the full year, the average realized price was $171 per carat, up 6 percent from $162 per carat in 2017, with fewer lower-value rough diamonds sold during the year.
As previously reported, De Beers forecasts it will mine fewer diamonds in 2019, between 31 and 33 million carats.
It is predicting lower output this year because production at South Africa’s Venetia mine is transitioning from an open-pit operation to underground and because the Victor mine in Canada is scheduled to permanently close in the first half of 2019.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."