De Beers has reported a 26% year-on-year decline in rough diamond production for the Q4 of 2024, reflecting the company’s strategic response to prolonged weaker demand and high midstream inventory levels. Production for the quarter stood at 5.8 million carats, down from 7.9 million carats in Q4 2023.<\/p>\n
In Botswana, Q4 production fell by 31% to 4.2 million carats due to planned reductions at the Jwaneng mine. Namibia, in contrast, saw a 3% increase to 0.58 million carats, attributed to higher-grade mining at Namdeb. South Africa\u2019s production rose by 27% to 0.55 million carats, driven by improvements at Venetia underground. Meanwhile, Canada experienced a 43% drop to 0.45 million carats as lower-grade ore was processed.<\/p>\n
For the full year 2024, total production declined by 22% to 24.7 million carats from 31.86 million carats in 2023.<\/p>\n
De Beers said that market conditions remained challenging, with midstream inventory levels suppressing demand. Rough diamond sales totalled 4.6 million carats from four Sights, generating $543 million in revenue. This compares to 2.8 million carats from two Sights in Q4 2023, which generated $230 million. Full-year sales volumes were down 28%, although the average realised price increased by 3% to $152 per carat due to a higher proportion of premium diamonds sold.<\/p>\n
De Beers is conducting an impairment review of its asset values due to weaker market conditions, particularly in China. The company expects full-year 2024 EBITDA to be slightly negative, following an H1 2024 EBITDA of $300 million.<\/p>\n
Duncan Wanblad, Chief Executive of Anglo American, said: \u201cAt De Beers, difficult rough diamond trading conditions mean that we have reduced production guidance in 2025 and 2026 to reflect our focus on value, working capital efficiency and cash generation.\u201d<\/p>\n
For 2025, De Beers has revised its production guidance downwards to 20-23 million carats, from a previous forecast of 30-33 million carats. The company remains focused on managing cash flow, reducing inventory, and adjusting production in response to prevailing market conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"
De Beers has reported a 26% year-on-year decline in rough diamond production for the Q4 of 2024, reflecting the company’s strategic response to prolonged weaker demand and high midstream inventory levels. Production for the quarter stood at 5.8 million carats, down from 7.9 million carats in Q4 2023. In Botswana, Q4 production fell by 31%…<\/p>\n","protected":false},"author":1,"featured_media":29907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-29906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n