De Beers Group continues to hold back on diamond production as demand for rough diamonds remained lower.
The company’s Q2 production reported was released Thursday, part of parent company Anglo American’s broader report on all of its operations.
Anglo confirmed last May that it is looking to sell De Beers. The company said Thursday that the formal process to offload De Beers is “advancing,” despite market conditions.
In the second quarter, De Beers’ production dropped 36% year-over-year to 4.1 million carats, down 36% from 6.4 million in the same period last year.
Canada, where De Beers operates one diamond mine (Gaucho Kué), reported the sharpest drop in production at 46%, followed by Botswana at 44%, and Namibia at 5%.
De Beers is treating lower-grade ore in Canada and is doing extended maintenance on the Orapa mine in Botswana. It also has mothballed the Letlhakane tailings plant there in response to the drop in demand for rough diamonds.
In Namibia, the company announced that following a “fleet optimisation study,” it has opted to retire its Coral Sea mining vessel and has taken the Grand Banks out of service while it decides if it wants to sell or decommission the ship.
South Africa, where De Beers recently went underground on the Venetia mine, was the only country where production increased, rising 17% year-over-year.
