De Beers, the world’s largest diamond producer by value, saw production fall 23% to 7.4 million carats in the third quarter ended Sept. 30 as a result of planned slow-down at its South Africa’s Venetia diamond mine, which is transitioning underground.
The drop was also caused by an output decrease of 12% to 5.8 million carats in Botswana, due to planned maintenance at its Orapa mine.
South Africa’s rough output was a 78%-lower at 0.4-million carats, Canada saw a 9% fall to 0.7 million carats, while production in Namibia — where most diamonds come from marine mining — remained flat.
De Beers has left full-year rough diamond production guidance unchanged at 30-million to 33-million carats, despite seeing its rough diamond inventory building up amid weak market conditions.
The Anglo American unit noted that, as a result of the uncertain macro-economic environment and high inventory in the midstream, buyers took a cautious approach to buying diamonds.
Rough diamonds sales totalled 7.4 million carats (6.7 million carats on a consolidated basis) from three selling events, or sights. This compares with 9.1 million carats (8.5 million carats on a consolidated basis) from three sights in Q3 2022, and 7.6 million carats (6.4 million carats on a consolidated basis) from two sights in Q2 2023.
Trade associations in India, which handles 90% of the global rough diamond market, asked members in September to stop importing rough diamonds for two months to control inventory and support prices.
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