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Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

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ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

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De Beers Q2 output, sales decline

21 july 2023

De Beers' rough diamond production decreased by 5% to 7.6 million carats in the second quarter of 2023 as a strong operational performance was countered by anticipated lower production from Venetia mine in South Africa as it transitions to underground mining.

The group's Botswana operations remained in the lead as production at Debswana's mines increased by 6% to 5.8 million carats due to the processing of higher-grade ore at Orapa.

This was partially mitigated by decreased throughput at Jwaneng as a result of scheduled maintenance.

Namibia's output increased by 8% to 600,000 carats, primarily due to the continuous ramp-up and expansion of the land operations' mining area.

Despite scheduled facility maintenance, production in Canada increased by 6% to 700,000 carats due to the treatment of higher-grade ore.

However, De Beers' production in South Africa decreased by 62% to 500,000 carats as a consequence of the closure of the open mine operations at Venetia in December 2022.

Anglo American reported that Venetia continues to process lower-grade surface stockpiles, resulting in a transient decrease in production levels as the mine transitions to underground operations.

In the second quarter, De Beers' rough diamond sales decreased 19% to 7.6 million carats from two mines, compared to 9.4 million carats from three mines a year earlier.

“Demand for rough diamonds was impacted by the ongoing macro-economic headwinds, with high levels of polished diamond inventory in the midstream,” the group said.

Anglo stated that the first half consolidated average realised price decreased by 23% to $163 per carat compared to $213 per carat a year ago, primarily due to the sale of a greater proportion of lower value rough diamonds, as sightholders took a more cautious approach to planning their 2023 allocation schedule due to the uncertain macroeconomic outlook.

It was reported that the average raw price index decreased by 2%, reflecting a general softening in consumer demand for diamond jewellery and a midstream inventory buildup.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished