Announcing its production results for the third quarter of 2019 (Q3 2019), De Beers said today that rough diamond production decreased by 14%  to  7.4 million carats.

This, De Beers said, was due to  “planned reductions” in South Africa and Canada. “In addition, we continue to produce to weaker market demand due to macro-economic uncertainty as well as continued midstream weakness,” the Company added.

In Botswana,  Debswana’s  production at 5.7 million carats was flat y-o-y. Orapa production increased by 22%  due to a planned increase in the grade of material treated; which was however, offset by an 18% decrease at Jwaneng due to planned lower grade.

Namdeb in Namibia reported a decrease in production of 7% to 0.4 million carats, as the Elizabeth Bay land operations were placed on care and maintenance in Q4 2018.

South Africa’s total production decreased by 60% to 0.5 million carats as a result of lower mined volumes at Venetia “as it approaches the transition from open pit to underground”, the Company said. Moreover, production at  Voorspoed came to an end  in Q4 2018 when it was placed on care and maintenance in preparation for closure.

Canada’s production decreased by 34% to 0.8 million carats. The main reason cited for this was the closure of Victor mine which reached the end of mine life in Q2 2019.

Summing up its sales, De Beers said: “Rough diamond sales amounted to 7.4 million carats (7.1 million carats on a consolidated basis) from three sales cycles, which compares to 5.0 million carats of sales (4.6 million carats on a consolidated basis from two sales cycles in Q3 2018. Rough sales volumes were therefore higher due to an additional sales cycle in the period compared with the previous year; however, overall demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories and caution due to macro-economic uncertainty.”

De Beers maintained its production guidance at ~31 million carats, “subject to trading conditions”.