De Beers’ rough diamond production fell 8% in 2023 to 31.9 million carats, compared to 34,6 million carats a year earlier.
This was the result of a planned reduction at Venetia output in South Africa as it transitions to underground operations.
South Africa's output dropped 64% to 2 million carats from the previous year’s 5,5 million carats.
Botswana continued to be the leading source of diamonds for De Beers, as its output grew 2% to 24,7 million carats, compared to 24,1 million carats in 2022.
De Beers’ output in Namibia also grew 9% to 2,3 million in 2023, compared to the previous year’s 2,1 million carats.
The Canadian output plateaued at 2,8 million carats.
Production guidance for 2024 was unchanged at between 29 million and 32 million carats.
However, De Beers said it will assess options to reduce production in response to prevailing market conditions.
Meanwhile, De Beers’ sales volume eased 19% to 27,4 million carats from the previous year’s 33,7 million carats.
Its full-year consolidated average realised price decreased by 25% to $147 per carat compared to $197 per carat, reflecting a larger proportion of lower-value rough diamonds being sold as well as a 6% decrease in the average rough price index.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
