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De Beers reduces production outlook amid ongoing sluggishness

De Beers has reduced its production outlook for this year amid ongoing sluggishness in the diamond market and following a decline in first-quarter sales.

The miner expects to unearth 26 million to 29 million carats in 2024, compared with an earlier forecast of 29 million to 32 million carats, parent company Anglo American said last week.

The adjustment is “in response to the higher-than-average levels of inventory in the market and the expected gradual recovery in rough diamonds through the rest of the year,” Anglo American explained.

De Beers’ sales volume slid 50% year on year to 4.9 million carats in the first three months of 2024, the parent company also reported. This reflected a slow recovery in the rough-diamond market as well as scheduling changes, with the miner holding two sights during the quarter, compared with three a year earlier.

Still, appetite for rough began to recover during the first quarter following an improvement in diamond-jewelry demand in the US during the holiday season, Anglo American added.

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