De Beers’ Rough Prices Rise 23% in 2022
De Beers’ prices jumped last year as steady retail sales and shortages of Russian goods supported demand for the miner’s production.
The company’s rough-price index, which reflects like-for-like values, rose 23% for the 12 months, parent company Anglo American reported Thursday.
Sales volume dropped 7% to 33.7 million carats, with the average selling price climbing 35% to $197 per carat. While the company has not published full-year revenue, rough sales grew 20% to $5.79 billion, according to Rapaport estimates based on De Beers’ 10 sight reports for 2022.
“The increase in the rough-price index reflected overall positive consumer demand for diamond jewelry and was supported by De Beers’ proposition of provenance-assured diamonds,” Anglo American explained.
Output for the year was up 7% at 34.6 million carats as increases at mines in Botswana, Namibia and South Africa outweighed a decline in Canada.
In the fourth quarter, sales volume fell 5% year on year to 7.3 million carats, while production advanced 6% to 8.2 million carats.
“Midstream polished-diamond inventories continued to build in the fourth quarter, as retailers restocked more cautiously amidst the growing economic uncertainty,” the company added. “This led to downward pressure on wholesale polished prices. However, demand for De Beers’ rough diamonds remained steady.”
Image: A haul truck at De Beers’ Venetia mine in South Africa. (Ben Perry/Armoury Films/De Beers)