It is located in Marin County, California.
De Beers cuts Q3 production by 27 percent
The diamond miner and marketer said the reduction is a reflection of “current trading conditions,” while competitor Alrosa also noted that diamond sales continue to be sluggish.
London--Diamond miner and marketer De Beers cut diamond production by nearly a third in the third quarter as diamond sales remain sluggish.
Parent company Anglo American reported Thursday that diamond production for the third quarter totaled 6 million carats, compared with more than 8 million carats in the third quarter 2014, a 27 percent drop.
De Beers decided to reduce production to “better reflect current trading conditions.”
The company also decreased its full-year production guidance to approximately 29 million carats, down from the earlier projection of 29 to 31 million carats.
The greatest drop in production came from Debswana, the mines De Beers operates in Botswana in cooperation with the government there. Debswana’s third quarter production was down 35 percent year-over-year to 4.1 million carats. Current trading conditions led De Beers to prioritize maintenance over mining at both Jwaneng and Orapa.
Production in South Africa, meanwhile, was down 8 percent but increased 4 percent in Namibia.
De Beers Canada increased production 11 percent, due mainly to improved grades at the Snap Lake mine there.
Russian diamond mining company Alrosa also released third quarter, as well as year-to-date, production results this week.
In the third quarter, the company mined 11.6 million carats of diamonds, up 20 percent year-over-year and up 21 percent from the second quarter.
Year-to-date, Alrosa has mined 29.6 million carats of diamonds, a 16 percent year-over-year increase.
While Alrosa continues to increased production despite the slowdown in the diamond market, the worldwide drop in demand is reflected in the mining company’s sales.
Preliminary third quarter and year-to-date sales figures show that Alrosa sold 23 million carats of diamonds in the first nine months of the year, with rough diamond sales reaching $2.7 billion. Both figures are down from the same nine-month period last year.
Third quarter diamond sales and revenue also are down year-over-year.
Alrosa stated that gem-quality rough diamond prices declined by 8 percent in the third quarter, in line with the slowdown in the diamond market.
RELATED CONTENT: Whose fault is it anyway?
De Beers and Alrosa, the world’s two largest diamond mining companies, have been under pressure all year to reduce rough prices and decrease demand as polished prices have slipped in the face of faltering global demand.
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.