Rough diamond production decreased by 3% to 7.9 million carats, primarily due to the planned reduction in South Africa as Venetia transitions to underground operations, partly offset by higher production from Botswana.
In Botswana, production increased by 6% to 6.1 million carats, principally driven by increased plant throughput at Orapa due to planned lower maintenance. Production in Namibia decreased by 4% to 0.6 million carats, due to marginally lower grades at the land operations.
In South Africa, production decreased by 54% to 0.4 million carats, due to the planned end of Venetia’s open pit operations in December 2022. Venetia will continue to process lower grade surface stockpiles as the underground operations ramp-up production over the next few years.
Production in Canada decreased by 3% to 0.8 million carats, due to planned treatment of lower grade ore.
De Beers offered full flexibility for rough diamond allocations in Sights 9 and 10, as Sightholders continued to take a cautious approach to their purchasing during the quarter as a result of the prevailing market conditions and extended cutting and polishing factory closures in India; this followed a two month voluntary import moratorium on rough diamonds into India during the period.
Consequently, rough diamond sales totalled 2.7 million carats (2.7 million carats on a consolidated basis) from two Sights, compared with 7.3 million carats (6.6 million carats on a consolidated basis) from two Sights in Q4 2022, and 7.4 million carats (6.7 million carats on a consolidated basis)(1) from three Sights in Q3 2023.
The full year consolidated average realised price decreased by 25% to $147/ct (2022: $197/ct), reflecting a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index.