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De Beers Revises Production Guidance For 2020 to 25-27 Mn Cts

publish:2020-04-30

In the quarterly production update for the first quarter of 2020, De Beers said the 7.75 million carats of total production for the quarter were nearly flat compared with 7.852 million carats in the first quarter of 2019, down just 1%.

"Rough diamond production was in line with prior year at 7.8 million carats, with limited impact from COVID-19 measures introduced at the end of the quarter in producer countries," the company said.

“Sales volumes increased year-on-year despite adverse demand impacts in Q1 2020 from COVID-19, with customers given the option to defer some allocations in the second sales cycle, offset by a shift in demand towards lower value goods. The third sales cycle of 2020 was not held due to COVID-19-related restrictions on the movement of people and product, and customers were provided with flexibility to defer all their allocations from Sight 3 until later in the year.”De Beers stated.

Due to the impact of COVID-19 on mining operations, wholesale trade activities and consumer flows in major consumer markets, the company's production guidance has been revised to 25-27 million carats from the previously announced 32-34 million carats. It will also depend on the continued observation of the disruption to trade caused by COVID-19 as well as the timing and scale of the resumption of trade.

 
Source:GJEPC

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