De Beers diamond production rises in Q3

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Anglo American, De Beers’ parent company, reported a 4 per cent year-over-year increase in third quarter diamond production.
Diamond production for the third quarter totaled 6.3 million carats, up from 6 million carats in the third quarter of last year. However, production remains down 9 per cent year-to-date. At this point last year, De Beers had mined 21.6 million carats of diamonds, compared with 19.6 million this year. Production in Q3 was also down 3 per cent when compared to last quarter.

Canadian production fell 48 per cent due to the closing of the Snap Lake mine, which was only partially offset by the opening of Gahcho Kué.

Finally, consolidated rough diamond sales in the third quarter rose 77 per cent year-over-year to 5.3 million carats. This was due to improved trading conditions, as sales were slow at this time last year.

“The modestly higher production at De Beers is reflective of improved market conditions relative to Q3 2015, but we maintain a cautious outlook,” says Anglo American Chief Executive Mark Cutifani.

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