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De Beers has released its latest diamond production results. Image courtesy: <a href="" target="_blank">De Beers</a>
De Beers has released its latest diamond production results. Image courtesy: De Beers

De Beers reports increased earnings

De Beers Group has released positive diamond production results for the 2017 fourth quarter, noting its rough diamond supply has continued to maintain an upward trajectory.

According to the De Beers report, rough diamond production increased 5 per cent to 8.2 million carats, compared to 8 million carats in the previous year’s corresponding period.

However, the average price of US$162 (AU$200) per carat was 13 per cent lower than the 2016 corresponding period.

For the full year ending 31 December 2017, total production sales rose to 35.1 million carats, a steady increase when compared to 2016’s 32 million carats.

De Beers attributed the production increase to stronger trading conditions at its Gahcho Kué mine.

The mine – a joint venture between De Beers and Canadian diamond mining company Mountain Province Diamonds – launched operations in late 2016, and began operating at intended capacity in the second quarter of 2017.

It is said to be the largest diamond mine to open in more than a decade and comprises three open pits. It is expected to produce approximately 54 million carats of rough diamonds over its lifetime.

As previously reported by Jeweller, other recently announced ventures for De Beers include a diamond blockchain initiative, and its commitment to invest in start-up businesses operating in areas such as distribution and cutting and polishing.

De Beers operates mines in Canada, Namibia, Botswana and South Africa.


More reading:
De Beers announces diamond traceability platform
De Beers to close diamond mine
De Beers announces string of insights and ventures
De Beers profits double in 2016
De Beers predicts ‘volatile’ year for diamonds

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