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De Beers revenue decreased 22% in H1 to $2.8 billion


De Beers released the Interim Financial Results for 2023. De Beers reported a decline in revenues in the first half of 2023, amidst the ongoing macro-economic headwinds and a substantial inventory build-up in the midstream.


Total revenue decreased to $2.8 billion (30 June 2022: $3.6 billion), with rough diamond sales decreasing to $2.5 billion (30 June 2022: $3.3 billion) reflecting the softening in demand.

Total rough diamond sales volumes of 15.3 million carats were in line with the prior period (30 June 2022: 15.3 million carats), as a result of a higher proportion of lower value rough diamonds being sold in 2023. This impacted the average realised price in the first half of the year, which decreased by 23% to $163/ct (30 June 2022: $213/ct), and reflects the more cautious approach Sightholders took to planning their 2023 allocation schedule due to the uncertain macro-economic outlook.

The average rough diamond price index also decreased by 2%, reflecting the overall softening in consumer demand for diamond jewellery and build-up in rough diamond inventory in the midstream.


Underlying EBITDA decreased by 63% to $347 million (30 June 2022: $944 million), driven by the lower average realised price and higher unit costs. Unit costs increased by 7% at $63/ct (30 June 2022: $59/ct),as lower production volumes, higher inflation and input costs were partially offset by the benefits of favourable exchange rates.


Capital expenditure increased by 21% to $302 million (30 June 2022: $250 million), largely due to the Venetia underground project as well as the continued execution of life-extension projects.



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