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Q2 2017

Rough diamond production for Q2 2017 increased 36 per cent to 8.7 million carats, which is in line with the higher production forecast for 2017 and reflects stable trading conditions as well as the contribution from the ramp-up of Gahcho Kué in Canada.


Production increased 14 per cent to 5.9 million carats. Orapa’s production increased 44 per cent, driven by the ramp-up of Plant 1, which was previously on partial care and maintenance in response to trading conditions in late 2015. This was marginally offset by Jwaneng where production decreased by three per cent.


Production increased 32 per cent to 391,000 carats as a result of Debmarine Namibia’s Mafuta vessel being on planned extended in-port maintenance in Q2 2016.


Production increased 71 per cent to 1.4 million carats largely as a result of higher grades at Venetia.


Production increased almost six-fold to one million carats due to the ramp-up of Gahcho Kué to nameplate capacity.


Consolidated rough diamond sales volumes2 in Q2 2017 were 5.4 million carats (5.9 million carats on a total 100 per cent basis) from two Sights, compared with 9.6 million carats (10.2 million carats on a total 100 per cent basis) from three Sights in Q2 2016. Apart from the additional Sight in Q2 2016, the decrease was expected given the strong levels of midstream restocking in H1 2016.

For H1 2017, consolidated sales volumes2 were 19.1 million carats (20.0 million carats on a total 100 per cent basis), compared with 17.2 million carats (18.3 million carats on a total 100 per cent basis) in H1 2016.

The average realised price of US$156/ct in H1 2017 was 12 per cent lower than in H1 2016. This reflected strong demand in Sight 1 2017 for lower value goods held in stock at 31 December 2016, following a recovery from the initial impact of India’s demonetisation programme in late 2016. The lower value mix was partially offset by a higher average rough price index, up four per cent.


Full year production guidance1 remains unchanged at 31 to 33 million carats, subject to trading conditions.


1 De Beers production is on a 100 per cent basis, except for the Gahcho Kué joint venture which is on an attributable 51 per cent basis.
2 Consolidated sales volumes exclude De Beers’ JV partners’ 50 per cent proportionate share of sales to entities outside The De Beers Group of Companies from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, and includes pre-commercial production sales volumes from Gahcho Kué.