Latest Group news
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Diamonds(1) (000 carats) |
Q4 2023 |
Q4 2022 |
Q4 2023 vs. |
Q3 2023 |
Q4 2023 vs. |
2023 |
2022 |
2023 vs. |
|
Botswana |
6,135 |
5,790 |
6% |
5,837 |
5% |
24,700 |
24,142 |
2% |
|
Namibia |
566 |
590 |
(4)% |
530 |
7% |
2,327 |
2,137 |
9% |
|
South Africa |
434 |
948 |
(54)% |
365 |
19% |
2,004 |
5,515 |
(64)% |
|
Canada |
802 |
827 |
(3)% |
676 |
19% |
2,834 |
2,815 |
1% |
|
Total carats recovered |
7,937 |
8,155 |
(3)% |
7,408 |
7% |
31,865 |
34,609 |
(8)% |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Rough diamond production decreased by 3% to 7.9 million carats, primarily due to the planned reduction in South Africa as Venetia transitions to underground operations, partly offset by higher production from Botswana.
In Botswana, production increased by 6% to 6.1 million carats, principally driven by increased plant throughput at Orapa due to planned lower maintenance.
Production in Namibia decreased by 4% to 0.6 million carats, due to marginally lower grades at the land operations.
In South Africa, production decreased by 54% 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 3% to 0.8 million carats, due to planned treatment of lower grade ore.
De Beers offered full flexibility for rough diamond allocations in Sights 9 and 10, as Sightholders continued to take a cautious approach to their purchasing during the quarter as a result of the prevailing market conditions and extended cutting and polishing factory closures in India; this followed a two month voluntary import moratorium on rough diamonds into India during the period. Consequently, rough diamond sales totalled 2.7 million carats (2.7 million carats on a consolidated basis)(1) from two Sights, compared with 7.3 million carats (6.6 million carats on a consolidated basis)(1) from two Sights in Q4 2022, and 7.4 million carats (6.7 million carats on a consolidated basis)(1) from three Sights in Q3 2023.
The full year consolidated average realised price decreased by 25% to $147/ct (2022: $197/ct), reflecting a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index.
2024 Guidance
Production guidance(2) for 2024 is unchanged at 29-32 million carats (100% basis). However, De Beers will assess options to reduce production in response to prevailing market conditions.
Unit cost guidance for 2024 is c.$80/carat(3).
1Consolidated 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).
2Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
3FX rate assumption for 2024 unit costs of ~19 ZAR:USD.
De Beers(1) |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q4 2023 vs. Q4 2022 |
Q4 2023 vs. Q3 202 |
2023 vs. |
||
2023 |
2023 |
2023 |
2023 |
2022 |
2023 |
2022 |
||||
Carats recovered (000 carats) |
|
|
|
|
|
|
|
|
|
|
100% basis (unless stated) |
|
|
|
|
|
|
|
|
|
|
Jwaneng |
3,192 |
3,400 |
2,955 |
3,782 |
3,126 |
2% |
(6)% |
13,329 |
13,445 |
(1)% |
Orapa(2) |
2,943 |
2,437 |
2,874 |
3,117 |
2,664 |
10 % |
21% |
11,371 |
10,697 |
6% |
Total Botswana |
6,135 |
5,837 |
5,829 |
6,899 |
5,790 |
6 % |
5% |
24,700 |
24,142 |
2% |
|
|
|
|
|
|
|
|
|
|
|
Debmarine Namibia |
435 |
423 |
503 |
498 |
439 |
(1)% |
3% |
1,859 |
1,725 |
8% |
Namdeb (land operations) |
131 |
107 |
109 |
121 |
151 |
(13)% |
22% |
468 |
412 |
14 % |
Total Namibia |
566 |
530 |
612 |
619 |
590 |
(4)% |
7% |
2,327 |
2,137 |
9% |
|
|
|
|
|
|
|
|
|
|
|
Venetia |
434 |
365 |
466 |
739 |
948 |
(54) % |
19 % |
2,004 |
5,515 |
(64) % |
Total South Africa |
434 |
365 |
466 |
739 |
948 |
(54) % |
19 % |
2,004 |
5,515 |
(64) % |
|
|
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis) |
802 |
676 |
683 |
673 |
827 |
(3) % |
19 % |
2,834 |
2,815 |
1 % |
Total Canada |
802 |
676 |
683 |
673 |
827 |
(3) % |
19 % |
2,834 |
2,815 |
1 % |
Total carats recovered |
7,937 |
7,408 |
7,590 |
8,930 |
8,155 |
(3) % |
7 % |
31,865 |
34,609 |
(8) % |
Sales volumes |
|
|
|
|
|
|
|
|
|
|
Total sales volume (100%) (Mct)(3) |
2.7 |
7.4 |
7.6 |
9.7 |
7.3 |
(63) % |
(64) % |
27.4 |
33.7 |
(19) % |
Consolidated sales volume (Mct)(3) |
2.7 |
6.7 |
6.4 |
8.9 |
6.6 |
(59) % |
(60) % |
24.7 |
30.4 |
(19) % |
Number of Sights (sales cycles) |
2 |
3 |
2 |
3 |
2 |
|
|
10 |
10 |
|
1 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.
3Consolidated 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).