Talking about the Trading Performance for the 3Q, DeBeers Group said, new natural diamond marketing collaborations were established with world-leading diamond jewellery retailers: Signet in the US and Chow Tai Fook in China, with further opportunities planned.
The collaborations focus on driving long term desirability for natural diamonds in two of the world’s leading consumer countries for natural diamonds. The collaborations will also benefit from promotional messages being amplified through the wide reach of these leading retail businesses.
De Beers also announced the introduction of DiamondProof, a new device to be used on the jewellery retail counter for rapidly distinguishing between natural diamonds and lab-grown diamonds, supporting retailers in communicating the attributes of natural diamonds, providing customers with enhanced confidence in the authenticity of their natural diamond purchase and deterring undisclosed lab-grown diamonds from entering the natural supply chain.
At the diamond production front, DeBeers report, production guidance for 2024 is unchanged at 23-26 million carats; however, as the midstream continues to hold higher than normal levels of inventory and the expectation for a recovery remains protracted, De Beers is actively assessing options with our partners to reduce production going forward.
Unit cost guidance for 2024 is unchanged at c.$95/carat, (1) On a consolidated basis, sales volumes in Q3 2024 were 1.7 million carats, Q3 2023 were 6.7 million carats and Q2 2024 were 7.3 million carats. 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).
(2) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. (3) Unit cost is based on De Beers’ share of production. 2024 unit cost guidance was set at c.19 ZAR:USD.
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