Operational Performance: The mining operations delivered steady operational performance, albeit at lower output levels as the business continued to reconfigure production in response to prevailing market conditions.
Rough diamond production decreased by 26% to 5.8 million carats, reflecting a proactive production response to the prolonged period of lower demand, and higher than normal levels of inventory in the midstream. De Beers continues to focus on managing working capital, and despite low sales volumes, inventory has reduced slightly year-on-year through managing purchases and downstream stocks.
In Botswana, production decreased by 31% to 4.2 million carats, as a result of planned actions to lower production at Jwaneng. Production in Namibia increased by 3% to 0.6 million carats, reflecting planned higher grade mining and better recoveries at Namdeb partially offset by intentionally lower production at Debmarine Namibia.
In South Africa, production increased by 27% to 0.6 million carats, due to Venetia underground and a slight improvement in grades of processed ore. Production in Canada decreased by 43% to 0.5 million carats as a result of planned actions to treat lower grade ore.
Trading Performance: Challenging trading conditions persisted through the quarter as cautious retailer purchasing and higher than normal levels of inventory in the midstream suppressed demand for rough diamonds.
Rough diamond sales from four Sights (noting that Sight 7 and 8 were combined into a single sales event) in Q4 2024 totalled 4.6 million carats (4.3 million carats on a consolidated basis)(1), generating consolidated rough diamond sales revenue of $543 million. This compared with 2.8 million carats (2.6 million carats on a consolidated basis) (1), from two Sights in Q4 2023, generating consolidated rough diamond revenue of $230 million.
Full year consolidated sales volumes were down 28% year-on-year and the average realised price increased by 3% to $152/ct, reflecting a larger proportion of higher value rough diamonds being sold, partially offset by a 20% decrease in the average rough price index. We expect full year 2024 EBITDA for De Beers to be marginally negative (H1 2024 EBITDA: $300m).
The Group is undertaking an impairment review of De Beers’ carrying value, assessing the impact of diamond market conditions and general fall in demand in China which is likely to lead to an impairment at the full year results. We continue to assess market conditions and are currently implementing actions to further manage cash flow, spending and inventory levels in 2025.
2025 Guidance: Production guidance (2) for 2025 is revised to 20–23 million carats (100% basis) (previously 30-33 million carats), reflecting the challenging rough diamond trading conditions. De Beers continues to monitor rough diamond trading conditions and will respond accordingly.
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). Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
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