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De Beers loses more shine as annual diamond production forecast is cut | Business

De Beers loses more shine as annual diamond production forecast is cut Business
De Beers diamond production is declining as the industry continues to grapple with oversupply.

(Dario Pignatelli/Bloomberg/Getty Images)

Anglo American has slashed its annual diamond production forecast by about 10% as its De Beers subsidiary reins in gem production in response to higher than average inventory levels in the world market.

The diversified mining group reported a 23% drop in rough diamond production to 6.9 million carats for the first quarter of 2024.

This, Anglo said, was "primarily due to changes implemented to lower production in response to market inventory levels".

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