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De Beers Q1 Production Flat at 8.9m carats


De Beers produced 8.9m carats in Q1 of this year, exactly the same as Q1 last year, according to figures released today by parent company Anglo American.


Production was up almost 10 per cent on Q4 2022 (8.2m carats). Production in Q3 2022 was 9.6m carats.


Overall output was impacted by the transition from open pit to underground mining at Venetia, in South Africa, where production was more than halved, from 1.7m carats to 739,000 (Q1 2022 to Q1 2023).


De Beers has maintained its production guidance for 2023 at 30-33 million carats (100% basis), subject to trading conditions. The unit cost guidance for 2023 remains unchanged at around $80/carat.


Bruce Cleaver, CEO of De Beers Group, said in a statement, “We remain confident in the medium to long-term outlook for the diamond industry, and we are committed to continuing to invest in our operations, partnerships and initiatives that will support the sustainable growth of our business and the wider industry.”



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