De Beers' Diamond Output Bounces Back
October 25, 20
(IDEX Online) - De Beers' diamond output showed a solid third-quarter recovery, down just four cent year-on-year despite the devastating impact of coronavirus.
Total production was 7.2m carats compared with 7.4m carats in Q3 2019, according to figures released by parent company Anglo American. Output in Q2 of 2020 was less than half, 3.5m carats.
Mark Cutifani, Anglo American chief executive, reported improved performances across many of the company's mining sectors and said kit was now back to operating at 95 per cent capacity after lockdowns and other restrictions.
He said: "We have also seen encouraging improvement in demand for rough diamonds as we approach the holiday selling season, although there is still some uncertainty in terms of the timing of a sustained recovery."
De Beers YTD production was 18.4m carats, as of 30 September. Its revised production forecast for the year 2020 is between 25m and 27m carats.
Pic courtesy De Beers