De Beers’ Q3 Diamond Production Takes a Nosedive
De Beers has reported a 23% decline in rough diamond production for the third quarter of 2023, mainly attributed to planned reductions in its mines in South Africa, Diamond World reports.
In Q3, the total rough diamond production for De Beers totaled 7.4 million carats, with South Africa’s Venetia mine undergoing a planned transition to underground operations and initiating production ramp-up. Scheduled maintenance in Botswana also contributed to the fall.
Q3 production in Botswana saw a 12% decrease to 5.8 million carats, while in Namibia, Q3 production remained consistent at 530,000 carats. In South Africa, there was a 78% drop in production to 0.4 million carats due to the planned cessation of Venetia’s open pit operations in December 2022. Production in Canada experienced a 9% decline, totaling to 0.7 million carats.
De Beers noted that sightholders exercised caution in their purchasing decisions during the quarter, influenced by the uncertain macroeconomic environment and high levels of diamond inventory in the midstream.
Rough diamond sales in the third quarter totaled 7.4 million carats from three Sights, a drop when compared to the 9.1 million carats sold during three Sights in Q3 2022, and the 7.6 million carats sold during two Sights in Q2 2023.
De Beers confirmed that its production guidance for 2023 remains unchanged at 30-33 million carats.
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