Latest Group news
| De Beers(1) (000 carats) | Q3 2023 |
Q3 2022 |
Q3 2023 vs. Q3 2022 | Q2 2023 |
Q3 2023 vs. Q2 2023 | YTD 2023 |
YTD 2022 |
YTD 2023 vs. YTD 2022 |
| Botswana | 5,837 | 6,647 | (12) % | 5,829 | 0 % | 18,565 | 18,352 | 1 % |
| Namibia | 530 | 531 | 0 % | 612 | (13) % | 1,761 | 1,547 | 14 % |
| South Africa | 365 | 1,651 | (78) % | 466 | (22) % | 1,570 | 4,567 | (66) % |
| Canada | 676 | 741 | (9) % | 683 | (1) % | 2,032 | 1,988 | 2 % |
| Total carats recovered | 7,408 | 9,570 | (23) % | 7,590 | (2) % | 23,928 | 26,454 | (10) % |
Rough diamond production decreased by 23% to 7.4 million carats, primarily due to the planned reduction in South Africa as Venetia transitions to underground operations and begins the ramp-up of production, as well as planned maintenance in Botswana.
In Botswana, production decreased by 12% to 5.8 million carats, driven by lower throughput at Orapa due to planned maintenance.
Production in Namibia was flat.
In South Africa, production decreased by 78% to 0.4 million carats, due to the planned end of Venetia's open pit operations in December 2022. Venetia will continue to process lower grade surface stockpiles as the underground operations ramp-up production over the next few years.
Production in Canada decreased by 9% to 0.7 million carats, due to planned treatment of lower grade ore.
As a result of the uncertain macro-economic environment and high levels of diamond inventory in the midstream, Sightholders took a cautious approach to their purchasing during the quarter. Rough diamond sales totalled 7.4 million carats (6.7 million carats on a consolidated basis)(2) from three Sights, compared with 9.1 million carats (8.5 million carats on a consolidated basis)(2) from three Sights in Q3 2022, and 7.6 million carats (6.4 million carats on a consolidated basis)(2) from two Sights in Q2 2023.
Going forward, De Beers will continue to support its Sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights 9 and 10 of 2023.
2023 Guidance
Production guidance(1) for 2023 is unchanged at 30–33 million carats (100% basis).
Unit cost guidance for 2023 is unchanged at c.$75/carat(3).
1 De Beers Group production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
2 Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
3 FX rate assumption for Q4 2023 costs of ~19 ZAR:USD (previously ~18 ZAR:USD).
| De Beers(1) | Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q3 2023 vs. Q3 2022 | Q3 2023 vs. Q2 2023 | YTD 2023 |
YTD 2022 |
YTD 2023 vs. YTD 2022 |
| Carats recovered (000 carats) | ||||||||||
| 100% basis (unless stated) | ||||||||||
| Jwaneng | 3,400 | 2,955 | 3,782 | 3,126 | 3,567 | (5) % | 15 % | 10,137 | 10,319 | (2) % |
| Orapa(2) | 2,437 | 2,874 | 3,117 | 2,664 | 3,080 | (21) % | (15) % | 8,428 | 8,033 | 5 % |
| Total Botswana | 5,837 | 5,829 | 6,899 | 5,790 | 6,647 | (12) % | 0 % | 18,565 | 18,352 | 1 % |
| Debmarine Namibia | 423 | 503 | 498 | 439 | 423 | 0 % | (16) % | 1,424 | 1,286 | 11 % |
| Namdeb (land operations) | 107 | 109 | 121 | 151 | 108 | (1) % | (2) % | 337 | 261 | 29 % |
| Total Namibia | 530 | 612 | 619 | 590 | 531 | 0 % | (13) % | 1,761 | 1,547 | 14 % |
| Venetia | 365 | 466 | 739 | 948 | 1,651 | (78) % | (22) % | 1,570 | 4,567 | (66) % |
| Total South Africa | 365 | 466 | 739 | 948 | 1,651 | (78) % | (22) % | 1,570 | 4,567 | (66) % |
| Gahcho Kué (51% basis) | 676 | 683 | 673 | 827 | 741 | (9) % | (1) % | 2,032 | 1,988 | 2 % |
| Total Canada | 676 | 683 | 673 | 827 | 741 | (9) % | (1) % | 2,032 | 1,988 | 2 % |
| Total carats recovered | 7,408 | 7,590 | 8,930 | 8,155 | 9,570 | (23) % | (2) % | 23,928 | 26,454 | (10) % |
| Sales volumes | ||||||||||
| Total sales volume (100%) (Mct)(3) | 7.4 | 7.6 | 9.7 | 7.3 | 9.1 | (19) % | (3) % | 24.7 | 26.4 | (6) % |
| Consolidated sales volume (Mct)(3) | 6.7 | 6.4 | 8.9 | 6.6 | 8.5 | (21) % | 5 % | 22.0 | 23.8 | (8) % |
| Number of Sights (sales cycles) | 3 | 2 | 3 | 2 | 3 | 8 | 8 |
1 De Beers Group production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
2 Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
3 Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).