De Beers’ Production Down in Q2 2023

De Beers has reported that its rough diamond production fell 5% year-on-year to 7.6-million carats in Q2 2023 “as a result of the planned reduction in South Africa while the Venetia open pit transitions to underground operations,” according to Mining Weekly.

Despite the fall in production, the British-based miner still expects to meet its full-year production guidance of 30-33 million carats.

Production in South Africa decreased by 62% year-on-year to 466,000 carats during the period. Rough diamond production in Botswana was up 6% year-on-year to 5.8-million carats. Production in Namibia also increased, going up 8% year-on-year to 612,000 carats. Meanwhile, production in Canada was up 6% to 683,000 carats.

In addition, De Beers reported selling 7.6 million of rough diamonds from two sightholder (Sights) sales, compared with the 9.4 million carats sold during three sights in Q2 2022. The average realized price for the first six months of 2023 was $163/ct – a 23% fall year-on-year.

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