Namibia’s diamond production dropped by 14% in the third quarter of 2024, with total output reaching 0.5 million carats.
The De Beers Group attributed the decline to a strategic decision to reduce production at Debmarine Namibia to better align with current market conditions.
Namdeb, on the other hand, offset some of this decline with improved recoveries and higher-grade mining.
“Production in Namibia decreased by 14% to 0.5 million carats, reflecting intentional action to lower production at Debmarine Namibia, partially offset by planned higher grade mining and better recoveries at Namdeb,” said the Group.
Debmarine Namibia, the group’s offshore operation, recorded a significant decrease in production, with output falling 30% year-on-year to 298,000 carats, down from 423,000 carats in Q3 2023.
This marks a similar 30% reduction compared to Q2 2024, when Debmarine produced 427,000 carats.
Year-to-date (YTD), Debmarine’s 2024 production stands at 1.23 million carats.
Contrasting with Debmarine’s reduced output, Namdeb, De Beers’ land-based operation, saw a notable 48% year-on-year increase in production, delivering 158,000 carats in Q3 2024 compared to 107,000 carats during the same period in 2023.
Namdeb’s output also improved by 18% from Q2 2024 when it produced 134,000 carats, bringing its YTD 2024 total to 420,000 carats.
Overall, De Beers revealed that Namibia’s combined diamond production for Q3 2024 totalled 456,000 carats, a 14% decrease compared to the 530,000 carats produced in Q3 2023 and a 19% drop from the 561,000 carats produced in Q2 2024.
The YTD production for Namibia stands at 1.65 million carats, reflecting a 6% decline compared to the 1.76 million carats produced by this time in 2023.
This comes as De Beers Group’s global rough diamond production fell by 25% in Q3 2024, with output totalling 5.6 million carats.
“Rough diamond production decreased by 25% to 5.6 million carats, reflecting a production response to the prolonged period of lower demand, higher than normal levels of inventory in the midstream, and a continued focus on managing working capital,” the group said.
In Botswana, production dropped by 32% to 4.0 million carats, primarily due to reduced output at Jwaneng.
In South Africa, production increased by 41% to 0.5 million carats as Venetia’s underground mining operations ramped up.
Canadian operations experienced an 11% decrease to 0.6 million carats owing to the planned treatment of lower-grade ore.
De Beers maintained its production guidance for 2024 at 23 to 26 million carats.
However, the group said it is closely monitoring midstream inventory levels, which remain above normal, and is considering further adjustments to its production levels.
Unit cost guidance for 2024 remains unchanged at approximately US$95 per carat.
