De Beers Group said that its rough diamond production for Q3 2018 decreased five per cent to 8.7 million carats due to planned volume reductions in Botswana (Debswana) and South Africa (DBCM).

The company also reported that rough sales were down in volume terms as a result of Sightholders being given the opportunity during the seventh Sight of 2018 to re-phase the allocation of some smaller, lower value rough diamonds. It stated that rough sales volumes were 5.0 million carats (4.6 million carats on a consolidated basis, i.e. excluding sales of JV partners) from two sales cycles in Q3 2018, compared with 6.9 million carats (6.5 million carats on a consolidated basis) from two sales cycles in Q3 2017.

However, the company added that rough sales revenues were broadly in line with Q3 2017.

The Company also released production details countrywise as follows:

Botswana (Debswana)

Production declined six per cent to 5.7 million carats due to the planned processing of lower grade material at Jwaneng. Production at Orapa remained in line with Q3 2017 at 2.6 million carats.

Namibia (Namdeb Holdings)

Production was flat at 460,000 carats.

South Africa (De Beers Consolidated Mines)

Production decreased 14 per cent to 1.3 million carats due to a planned shutdown at Venetia to upgrade the processing plant ahead of the transition from open cut to underground operations.

Canada

Production increased five per cent to 1.2 million carats, driven by higher grades at Victor, which is approaching the end of its life. Gahcho Kué production was in line with Q3 2017.

De Beers also said that full year production guidance remained at 34 to 36 million carats but said it now expected this figure to be at the higher end of the range.