DE BEERS ROUGH DIAMOND PRODUCTION ROSE 3% IN Q2 2018
De Beers has reported its diamond production for Q2 2018, showing an increase of 3% to 9 million carats. De Beers says the rise reflects “production increases to meet stronger demand as well as the contribution from the ramp-up at Gahcho Kué”. Full year production guidance is unchanged at 34 to 36 million carats.
In Botswana, production increased 6% to 6.3 million carats. In Namibia, production increased 32% to 515,000 carats. In South Africa, production fell 28% to 1 million carats after “a period of suspended production at Venetia following a fatal incident in March”. In Canada, production increased 17% to 1.2 million carats due to the completion of the ramp-up at Gahcho Kué.
As for sales, De Beers sold 10 million carats from three sales cycles in Q2 2018. According to De Beers, “sales volumes benefited from positive sentiment in the midstream following growth in consumer demand for diamond jewellery in late 2017, and a continuing positive outlook”. In the first half of the year, the average realised rough diamond price increased 4% to $162 per carat, compared to $156 per carat in H1 2017.