De Beers Q3 Rough Diamond Production Up 4%
It’s due to higher-grade ore at Orapa in Botswana and in South Africa, as well as “continued strong performance” in Namibia.
Production rose 4 percent to 9.6 million carats during the period, following a decrease in Q2 of 4 percent.
The rise in the latest quarter was attributed to the treatment of higher-grade ore at Orapa in Botswana and in South Africa, as well as “continued strong performance” in Namibia, said De Beers.
In Botswana, production was up 4 percent to 6.6 million carats in the quarter, driven mostly by higher-grade ore from Orapa, which was partly offset by processing lower-grade ore at Jwaneng.
Namibia’s production was also up, rising 33 percent to 0.5 million carats, boosted by a strong performance from the Benguela Gem vessel, the company’s new diamond recovery vessel that started operations in March.
South Africa’s production was up 5 percent to 1.7 million carats thanks to the treatment of higher-grade ore and plant upgrades, according to De Beers. Production in Canada, meanwhile, was down 7 percent to 0.7 million carats due to the treatment of lower-grade ore and “the impact of tight labor markets,” the diamond miner said.
De Beers also touched on demand for rough diamonds in its reporting, noting that it was steady in the third quarter.
The company reported rough diamond sales of 9.1 million from three sights held during the quarter, compared with 7.8 million carats from two sights in the year-earlier period and 9.4 million carats from three sights in this year’s second quarter.
The miner also noted that while consumer demand for natural diamonds continues to be “robust,” current economic conditions, reduced consumer spending, and continued COVID-19 lockdowns in China could potentially impact demand for diamond jewelry.
De Beers said production guidance for the year remains at 32-34 million carats, adding that it anticipates sales in the fourth quarter being affected by normal temporary closures of the cutting and polishing factories in India for holidays.
The Latest
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.