De Beers has reported a 25% decline in diamond production for the quarter ending September 30. The parent company, Anglo American, stated that output for the third quarter was 5.6 million carats, down from 7.3 million carats during the same period last year. This decrease is attributed to difficult market conditions, and the company indicated it may further reduce production.
Anglo American also shared updates regarding its plans to sell or demerge its platinum and steelmaking coal assets. This move is part of the company’s strategy to streamline its portfolio and focus on more profitable sectors like copper. However, there was no mention of De Beers in these plans.
In May, Anglo American announced it would seek a new owner for De Beers after mining rival BHP expressed interest in acquiring the company.
Duncan Wanblad, CEO of Anglo American, explained, “As previously announced, we reduced rough diamond production from De Beers in response to market conditions.” He added that the diamond market remains tough, with midstream companies holding higher-than-normal inventory levels and a slow recovery anticipated.
So far this year, De Beers has produced 18.9 million carats, marking a 21% decrease compared to the same period in 2023.
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