According to the production report for the Third Quarter of 2023 of DeBeers Group, 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) from three Sights, compared with 9.1 million carats (8.5 million carats on a consolidated basis) from three Sights in Q3 2022, and 7.6 million carats (6.4 million carats on a consolidated basis) 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 for 2023 is unchanged at 30–33 million carats (100% basis). Unit cost guidance for 2023 is unchanged at c.$75/carat.
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