Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Indonesia is now considering deep cuts to nickel mining quotas as it seeks to boost slumping prices of the metal.
De Beers, the world’s largest diamond producer by value, saw production fall to 7.4 million carats in the third quarter ended September 30 as a result of planned slow-down at its Venetia diamond mine in South Africa, which is transitioning underground.
The drop was also caused by an output decrease of 12% to 5.8 million carats in Botswana, due to planned maintenance at its Orapa mine.
South Africa’s rough output was 78% lower at 0.4-million carats, Canada saw a 9% fall to 0.7 million carats, while production in Namibia — where most diamonds come from marine mining — remained flat.
De Beers has left full-year rough diamond production guidance unchanged at 30 million to 33 million carats, despite seeing its rough diamond inventory building up amid weak market conditions.
The Anglo American unit noted that, as a result of the uncertain macro-economic environment and high inventory in the midstream, buyers took a cautious approach to buying diamonds.
Rough diamonds sales totalled 7.4 million carats (6.7 million carats on a consolidated basis) from three selling events, or sights. This compares with 9.1 million carats (8.5 million carats on a consolidated basis) from three sights in Q3 2022, and 7.6 million carats (6.4 million carats on a consolidated basis) from two sights in Q2 2023.
Trade associations in India, which handles 90% of the global rough diamond market, asked members in September to stop importing rough diamonds for two months to control inventory and support prices.
