DeBeers diamond production shrank by 15%
Production guidance 2024 unchanged at 26-29 mn cts Recently, Anglo American plc presented production report for the second quarter (2Q) ended 30 June 2024. At the point, Duncan Wanblad, Chief Executive of Anglo American, said: "De Beers' diamond production reflects the lower revised guidance announced in our first quarter production report. Trading conditions became more challenging in the second quarter as Chinese consumer demand remained subdued. With higher than normal levels of inventory remaining in the midstream and an expectation for a protracted recovery, we are therefore actively assessing options with our partners to further reduce production to manage our working capital and preserve cash.” Rough diamond production decreased by 15% to 6.4 million carats, primarily reflecting the lower production guidance announced in the first quarter production report in response to the higher than normal levels of inventory in the midstream, and the expectat...