Production increased by about 10% compared to Q4 2022 (8.2 million carats). 9.6 million carats were produced in Q3 2022.
The switch from open pit to underground mining at Venetia in South Africa, where production more than halved from 1.7 million carats to 739,000 (Q1 2022 to Q1 2023), had an effect on overall output.
Subject to trading conditions, De Beers has maintained its production projection for 2023 at 30-33 million carats (100% basis). The projected unit cost for 2023 is still around $80 per carat.
“We remain confident in the medium to long-term outlook for the diamond industry,” said Bruce Cleaver, CEO of De Beers Group, in a statement. “We are committed to continuing to invest in our operations, partnerships, and initiatives that will support the sustainable growth of our business and the wider industry.”