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De Beers: Production Report for the Second Quarter of 2022

Press Release

21 Jul 2022

De Beers(1) (000 carats) Q2 2022 Q2 2021 Q2 2022
Q2 2021
Q1 2022 Q2 2022
Q2 2021
H1 2022 H1 2021 H1 2022
H1 2021
Botswana 5,521 5,727 (4)% 6,184 (11)% 11,705 10,687 10%
Namibia 565 338 67% 451 25% 1,016 676 50%
South Africa 1,220 1,276 (4)% 1,696 (28)% 2,916 2,437 20%
Canada 643 899 (28)% 604 6% 1,247 1,609 (22)%
Total carats recovered 7,949 8,240 (4)% 8,935 (11)% 16,884 15,409 10%

Rough diamond production decreased by 4% to 7.9 million carats, primarily due to the treatment of lower grade ore at operations in both Canada and Botswana.

In Botswana, production decreased by 4% to 5.5 million carats due to lower grade ore being processed at both Jwaneng and Orapa.

Namibia production increased by 67% to 0.6 million carats, primarily driven by continued strong performance from the Benguela Gem since the early delivery of the new diamond recovery vessel in Q1 2022.

South Africa production decreased by 4% to 1.2 million carats due to lower tonnes treated.

Production in Canada decreased by 28% to 0.6 million carats due to treating lower grade ore, unscheduled plant maintenance and the impact of Covid-19 related absenteeism.

Strong demand for rough diamonds continued into the second quarter, with rough diamond sales totalling 9.4 million carats (8.3 million carats on a consolidated basis)(2) from three Sights, compared with 7.3 million carats (6.5 million carats on a consolidated basis)(2) from two Sights in Q2 2021 and 7.9 million carats (7.0 million carats on a consolidated basis)(2) from two Sights in Q1 2022, both of which benefited from strong demand recovery following the impact of Covid-19 in 2020. While consumer demand for natural diamonds continued to be robust in the first half, a deterioration of global macro-economic conditions and reduced consumer spending could impact demand for diamond jewellery. Despite this, the combination of ongoing sanctions against Russia, decisions from a number of US-based jewellery businesses to apply their own restrictions on purchases of Russian diamonds, and continued development of provenance initiatives (such as the Tracr TM blockchain platform) has the potential to underpin continued robust demand for De Beers’ rough diamonds.

The H1 2022 consolidated average realised price increased by 58% to $213/ct (H1 2021: $135/ct), driven by a larger proportion of higher value rough diamonds sold, as well as higher prices. The rough price index increased by 28% compared to H1 2021, reflecting positive consumer demand for diamond jewellery as well as tightness in inventories across the diamond value chain.

2022 Guidance

Production guidance(1) for 2022 is increased to 32–34 million carats (previously 30-33 million carats) (100% basis), subject to trading conditions and the extent of further Covid-19 related disruptions.

Unit cost guidance for 2022 is unchanged at c.$65/ct.

1. De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
2. 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).


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