London: De Beers’ diamond production decreased by 14% to 7.4 million carats in the third quarter of 2019 due to planned mine closures and the underground transition at Venetia, in South Africa, says Anglo American, which has a controlling stake in the group.

The diamond giant also continues to produce to weaker market demand due to macro-economic uncertainty as well as continued midstream weakness.

Production guidance for the year is unchanged at about 31 million carats, subject to trading conditions, it said.

Debswana production in Botswana was flat at 5.7 million carats, while Namdeb production, in Namibia decreased by 7% to 400 000 as the Elizabeth Bay land operations were placed on care and maintenance late last year.

South Africa production also decreased by 60% to 500 000 carats due to lower mined volumes at Venetia as it approaches the transition from open pit to underground. In addition, Voorspoed production ended in Q4 2018 when it was placed on care and maintenance in preparation for closure.

Canada production eased by 34% to 800 000 carats mainly due to the closure of Victor mine, which reached the end of its life in the second quarter of 2019.

Meanwhile, De Beers’ rough diamond sales amounted to 7.4 million carats from three sales cycles, which compares to 5 million carats of sales from two sales cycles, a year earlier.

“Rough sales volumes were therefore higher due to an additional sales cycle in the period compared with the previous year; however, overall demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories and caution due to macro-economic uncertainty,” said Anglo.