De Beers reported a 15% decline in global diamond production for the second quarter of 2024, as demand remained low.
In the first half of the year, production totaled 16.5 million carats, a 19% decrease compared to the same period in 2023.
During Q2 2024, De Beers recovered 6.4 million carats, down from 7.6 million carats a year earlier. The most significant drop occurred in Botswana, which produces about two-thirds of De Beers’ diamonds. Output in Botswana fell by 19%.
The company attributed the drop to “intentional lower production from short-term changes in plant feed mix at Jwaneng to process existing surface stockpiles.” Jwaneng, De Beers’ largest deposit, saw a 36% decrease in output, falling from 2.5 million carats to 1.9 million.
Production in Namibia decreased by 8%, while Canada saw a 1% drop. However, South Africa experienced an 8% increase in production.
De Beers’ Production Report for Q2 2024 maintained its annual guidance at 26 million to 29 million carats. However, its parent company, Anglo American, suggested that the yearly production target might be reduced from the original estimate of 29 million to 32 million carats due to efforts to manage working capital and conserve cash in a weak market.
