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De Beers’ total revenue for 2023 decreases by 35% ; underlying EBITDA plunges by 95%

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De Beers reported a steep drop in revenue and profit for the year 2023, as the global diamond industry faced a severe downturn due to the challenging macro-economic conditions, limited consumer demand growth and a cautious retail scenario. De Beers’ total revenue decreased by 35% to $4.3 billion, compared to $6.6 billion in 2022. The average realised price of its rough diamonds was $147 per carat, a 25% decrease from $197 per carat in 2022.

The company attributed the lower prices to a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index, which reflects the market conditions and the product mix.

The company’s underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) plunged by 95% to $72 million, from $1,417 million in 2022. The company said the lower sales volumes and prices negatively impacted its margins in the trading business.

De Beers also recognised an impairment of $1.6 billion to the carrying value of its assets, reflecting the near term adverse macro-economic outlook and industry-specific challenges, such as the oversupply of polished diamonds, the reduced availability of credit, and the consumer preference shift to lab-grown diamonds. De Beers also reported a stable sales performance for its retail business, De Beers Jewellers, despite the global macro-economic headwinds and the challenging Chinese sector. The miner said the long-term outlook remains favourable, driven by the ongoing

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JB Insights

Titanium Jewellery Manufacturing: Convergence Of Advanced Manufacturing, AI, and Surface Chemistry

For Trade Professionals, Understanding The Tech Powering This Trend Isn’t Just Academic—It’s The Key To Navigating The Next Decade Of Luxury Design.

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Titanium has officially broken free from its industrial roots. Long reserved for aerospace engineering and medical implants, this ultra-tough metal has been repositioned at the pinnacle of luxury watchmaking and high jewelry. Driven by a convergence of advanced manufacturing, AI, and surface chemistry, titanium is giving traditional precious metals a run for their money.

For trade professionals, understanding the tech powering this shift isn’t just academic—it’s the key to navigating the next decade of luxury design. Here are the core innovations driving the titanium revolution.

1. 3D Printing & Direct Metal Laser Sintering (DMLS)

Working with titanium presents a notorious metallurgical hurdle: its extreme melting point () makes traditional casting and soldering nearly impossible. Enter Direct Metal Laser Sintering (DMLS).

By using high-powered lasers to fuse microscopic titanium powder layer by layer, designers can bypass traditional workbench limitations entirely. This additive manufacturing capability allows ateliers to produce complex, hollow, and lattice-like organic structures. The result? Massively oversized, avant-garde statement pieces that remain remarkably lightweight and structurally indestructible.

2. Precision via AI-Driven CNC Machining

Titanium’s legendary hardness routinely destroys standard bench tools, making traditional hand-carving or standard machining painfully slow and cost-prohibitive. To solve this, forward-thinking manufacturers are deploying AI-driven Computer Numerical Control (CNC) machining.

AI algorithms optimize tool paths in real-time, reducing tool wear while carving intricate geometries at unprecedented speeds. Furthermore, these smart CNC systems achieve an ultra-refined grain size on the metal’s surface—a crucial prerequisite for achieving a flawless, mirror-like finish and vibrant color differentiation.

3. Electrochemical Anodization: Painting with Electricity

One of titanium’s most disruptive luxury features is its ability to take on vivid coloration without the use of fragile paints, platings, or enamels. Through electrochemical anodization, jewelers submerge the metal in an electrolytic bath and apply precise electrical currents.

Rather than adding a pigment, this process alters the thickness of the titanium’s natural oxide layer, changing how light refracts off the surface. Ateliers can consistently achieve fade-resistant, biocompatible hues ranging from deep electric blues and magentas to striking rainbow gradients.

[Electric Current Applied] ➔ [Oxide Layer Thickens/Shifts] ➔ [Light Refraction Alters] ➔ [Vibrant, Fade-Resistant Color]

4. Next-Gen Wearable Tech Integration

The booming smart jewelry sector demands materials that are bio-friendly, exceptionally durable, and featherlight. Aerospace-grade titanium has become the gold standard for this niche.

Market leaders like Ultrahuman utilize titanium chassis to house highly sensitive, medical-grade sensors. Because titanium acts as a rugged, hypoallergenic shield, it seamlessly protects internal components tracking Heart Rate Variability (HRV), skin temperature, and sleep cycles, all while offering the comfort of a traditional wedding band.

5. High-Jewelry’s “Stealth Wealth” Aesthetic

In the high-jewelry circuit, “heavy” no longer automatically equates to “valuable.” Elite international ateliers are embracing raw and black titanium as the ultimate canvas for haute joaillerie.

Weighing 45% lighter than stainless steel and a fraction of the weight of platinum, titanium allows designers to set massive, multi-carat precious gemstones into expansive designs without weighing down the wearer. Its deep, muted tones offer a stark, contemporary contrast to diamonds and colored gems, perfectly capturing the minimalist, “stealth wealth” aesthetic coveted by modern collectors.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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