Global diamond mining giant De Beers has announced a significant reduction in its diamond production for the third quarter of 2024. The company cited a prolonged period of weak consumer demand, particularly in China, and high inventory levels in the midstream market as the primary reasons for the cut.<\/p>\n
Overall, De Beers’ rough diamond production decreased by 25% to 5.6 million carats compared to the same period last year. Botswana, the company’s largest source of diamonds, saw a 32% decline in production to 3.9 million carats. Namibia (-14% to 456,000 carats) and Canada (-11% to 603,000 carats) also experienced significant reductions.<\/p>\n
To address the challenging market conditions, De Beers has taken several steps, including merging two sales events and bringing forward the dates for future sales. The company is also actively exploring options with its partners to further reduce production in the coming months.<\/p>\n
Despite the production cuts, De Beers’ average realised price for rough diamonds increased by 4% year-over-year reflecting a larger proportion of higher value rough diamonds being sold. However, the company’s sales volumes and revenue were significantly lower compared to the previous year.<\/p>\n
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\u2019s global operations ramped down, consistent with the strategy to focus the brand on India.<\/p>\n","protected":false},"excerpt":{"rendered":"
Global diamond mining giant De Beers has announced a significant reduction in its diamond production for the third quarter of 2024. The company cited a prolonged period of weak consumer demand, particularly in China, and high inventory levels in the midstream market as the primary reasons for the cut. Overall, De Beers’ rough diamond production…<\/p>\n","protected":false},"author":1,"featured_media":28371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-28370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n