De Beers’ rough prices rise 23% in 2022

Joshua Freedman

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 [February 2].

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.

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Source Rapaport