De Beers Increases Production Guidance Amid Robust Demand
July 24, 22
(IDEX Online) - De Beers has increased its production guidance for 2022 - from 30-33Mct to 32-34Mct - citing "robust demand and strong year-to-date operational performance".
Sanctions against Alrosa, its biggest rival, have led to global shortages of rough. Last month De Beers reported $650m of rough sales at its fifth sales cycle of 2022, up over a third year-on-year. It reportedly hiked the price of smaller goods - traditionally an Alrosa staple - by up to seven per cent.
Rough diamond production fell by four per cent during the three months ending 30 June, reflecting lower grades in Canada and Botswana, parent company Anglo American said in its latest production report.
De Beers output in Q2 2022 was 7.9Mct, down from 8.2Mct in Q2c 2021. In the six months to 30 June production was 16.9Mct, up 10 per cent on 15.4Mct in H1 2022.
Pic courtesy De Beers