New Mine Drives De Beers Production

RAPAPORT... De Beers production jumped 22% to33.5 million carats in 2017, driven mainly by increased output from its Gahcho Ku?(C) andOrapa mines, the company reported Thursday.The Gahcho Ku?(C) mine, in which De Beers has a 51% stake, launched operations in late 2016, and has been operating at intendedcapacity since the second quarter of last year. De Beers' share of production at the Canada-located operation amounted to 3 million carats for the year. Meanwhile, production at Botswana's Orapa mine grew 28% to 10.2 million carats, after the company reopened a plant that had been on care and maintenance during the weak trading environment in 2015.De Beers' total sales volume rose 10% to 35.1 million carats, with its average rough price index increasing 3%for the year. However, the average price achieved fell 13% to $162 per carat, reflecting strong demand for lower-value goods at the beginning of 2017 as the market recovered from the impact of India's November 2016 demonetization policy.