There will be less diamonds in 2024 if you pay attention to what Rio and Anglo (De Beers) are saying
The biggest diamond miner by carats mined, is Anglo American $ANGLO AMERICAN(AAUKF.US$. It owns 85% of De Beers, the biggest diamond producer in the world.
In Q4 Anglo mined 7.9 million carats.
In 2023 it produced 31.9 Mct. (8% less than 2022).
In 2024 it's expecting to produce 29-32Mct.
This is the second time in Q4 reporting season that a mega diamond producer, somewhat downgraded production guidance.
Rio Tinto $Rio Tinto Ltd(RIO.AU$ meanwhile walked away from offering diamond production guidance for 2024.
So you might expect diamonds to get even more pricy in 2024.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Moomoo Official Market Strategist
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