Sponsored by the Las Vegas Antique Jewelry & Watch Show
De Beers’ Production Down 14% as Mines Close, Market Slows
The diamond miner’s outlook for the year is holding steady at 31 million carats.
London—A combination of mine sales and shutdowns and a weak market for rough diamonds contributed to a drop-off in production for De Beers Group in the third quarter.
The diamond miner and marketer reported production totaled 7.4 million carats in the period, down 14 percent from 8.7 million carats in Q3 2018.
All De Beers’ operations worldwide experienced flat or declining output.
In Botswana, production was flat year-over-year at 5.7 million carats.
A planned increase in the grade of material treated at the Orapa group of mines (Orapa, Letlhakane and Damtshaa) was offset by planned lower grade at Jwaneng.
In Canada, production dropped 34 percent to 0.8 million carats, primarily due to the closure of the Victor mine in the second quarter.
Diamond mining output in South Africa was down 60 percent to 0.5 million carats, as volumes dropped at Venetia in anticipation of its transition from an open-pit to an underground mine. Venetia is De Beers’ only remaining mining site in South Africa following the shuttering of Voorspoed at the end of 2018.
And in Namibia, production slipped 7 percent to 0.4 million carats, as the Elizabeth Bay land operations were mothballed at the end of 2018 and have since been sold to a Namibian company.
All told, De Beers is down to six diamond mines worldwide (four in Botswana, one in Canada and one in South Africa); three on-land “recovery areas” in Namibia (Daberas, Sendelingsdrif and Southern Coastal); and six marine mining vessels that operate off the Namibian coast, one for exploration and sampling and five for diamond recovery.
Despite the decline in third-quarter production, De Beers’ production guidance for the full year remains unchanged at 31 million carats.
The Latest
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.