De Beers Q1 Output Jumps 25% To 8.9 Million Carats

De Beers’ rough diamond production increased by 25% to 8.9 million carats during Q1 2022, reflecting a strong operational performance, and higher planned levels of production to meet continued strong demand for rough diamonds, while Q1 2021 was impacted by particularly high rainfall in Botswana and at Venetia.

In Botswana, diamond production increased by 25% to 6.2 million carats from increased processing at both Orapa and Jwaneng, as well as planned higher grades across the operations.

Namibia production increased by 33% to 0.5 million carats primarily driven by higher recovery from the crawler vessels, due to lower planned maintenance of the Mafuta and the early delivery of the new diamond recovery vessel, the Benguela Gem.

South African diamond production increased by 46% to 1.7 million carats due to the treatment of higher grade ore from the final cut of the open pit, De Beers said, while production in Canada decreased by 15% to 0.6 million carats primarily as a result of treating lower grade ore.

Robust demand for rough diamonds continued into the first quarter following strong growth in consumer demand over the holiday season, with rough diamond sales totalling 7.9 million carats from two Sights, compared with 13.5 million carats from three Sights in Q1 2021, and 7.7 million carats from three Sights in Q4 2021. However, as we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as the impact of Covid-19 lockdowns in China. De Beers said its production guidance for 2022 is unchanged at 30-33 million carats, subject to trading conditions and the extent of further Covid-19 related disruptions. The unit cost guidance for 2022 is unchanged at c.$65/carat.

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