Debswana at anchor output jump at De Beers

De Beers has not increased output for several years as a combination of indigestion in the cutting and polishing industry plus sluggish global economic growth saw the diamond demand softening.  Announcing De Beers’ financial results for the year ended 2016, head of Strategy and Corporate Affairs Gareth Mostyn said the group would this year raise production to between 31 million and 33 million carats from 27 million carats last year.

“With midstream stocks having returned to more typical levels in 2016, rough diamond demand is expected to normalise in 2017, reflecting underlying consumer and retail demand.  While producers continue destocking, forecast diamond production for 2017 is expected to be in the range of 31 million to 33 million carats, subject to trading conditions. The increase will mostly come from Jwaneng at Debswana as well as our new mine in Canada, Gahcho Kué,” he said.