DeBeers rough diamond production dips 25%

Consolidated average realised price increased by 4% ytd 

Operational Performance: Rough diamond production decreased by 25% to 5.6 million carats, reflecting a production response to the prolonged period of lower demand, higher than normal levels of inventory in the midstream and a continued focus on managing working capital. 

In Botswana, production decreased by 32% to 4.0 million carats, as actions to lower production at Jwaneng were delivered. Production in Namibia decreased by 14% to 0.5 million carats, reflecting intentional action to lower production at Debmarine Namibia, partially offset by planned higher grade mining and better recoveries at Namdeb. 

In South Africa, production increased by 41% to 0.5 million carats, as Venetia underground ramps up. Production in Canada decreased by 11% to 0.6 million carats due to the planned treatment of lower grade ore.

Trading Performance: Trading conditions during the quarter continued to be challenging in light of higher than normal midstream inventory levels and the prolonged period of depressed consumer demand in China. 

In response, Sights 7 and 8 were merged into a single selling event. In addition, in Q4, the dates for Sights 9 and 10 were brought forward, all with a focus on supporting Sightholders in navigating midstream trading conditions as they head towards the end-of-year retail selling season.  

Rough diamond sales in the combined Sight 7 and 8 will be reflected in the Q4 production report, as sales from the event continued beyond the end of the third quarter. Consequently, rough diamond sales in Q3 2024 totalled 2.1 million carats(1) from one Sight, generating $213m in revenue, compared with 7.4 million carats(1) from three Sights in Q3 2023, generating $899m in revenue, and 7.8 million carats(1) from three Sights in Q2 2024, generating $1,039m in revenue.  

The year to date (ytd) consolidated average realised price increased by 4% to $160/ct, reflecting a larger proportion of higher value rough diamonds being sold, partially offset by an 18% decrease in the average rough price index. In Q3, the average rough price index was largely flat compared to Q2 2024.  

De Beers Jewellers delivered consistent performance with growth in design-led pieces, while bridal and solitaire demand remained challenged by macro-economic headwinds and slower Chinese recovery. Forevermark's global operations ramped down, consistent with the strategy to focus the brand on India.