De Beers has upheld its 2024 production guidance, targeting 23 to 26 million carats, as the midstream continues to manage elevated inventory levels and recovery timelines remain extended, according to IDEX Online.
The company, 85% owned by Anglo American, reduced its rough diamond output in Q3 by 25% to 5.6 million carats in response to prolonged lower demand and high inventory levels, according to the report. Weak consumer interest, particularly in China, has influenced this decision to curb production.
Production in Botswana, De Beers’ primary source, decreased by 32% to 3.9 million carats, while Namibia and Canada experienced reductions of 14% and 11%, respectively. South Africa saw a 41% increase in production to 500,000 carats, driven by the Venetia underground mine ramping up operations.
In response to market conditions, De Beers consolidated two sales events and adjusted future sale schedules. While production levels dropped, the average realized price for rough diamonds rose 4% year-over-year, reflecting a shift toward higher-value diamonds in the sales mix.
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