Editor’s Note
This article details De Beers Group’s reported financial loss for the first half of 2025, driven by a challenging market and strategic price reductions. It is based on the company’s official financial results.
De Beers Group reported a challenging natural diamond market in the first half of 2025, resulting in a loss. The company recorded an underlying EBITDA loss of $189 million for H1 2025, compared with income of $300 million in the first half of 2024. This loss followed a significant reduction in rough diamond prices during the second quarter, implemented to stimulate sales.
First-half revenue totaled $1.95 billion, down 13 percent from $2.25 billion in H1 2024. Rough diamond sales dropped 13 percent due to subdued demand and lower prices. The consolidated average realized price for rough diamonds fell 5 percent, from $164 per carat in H1 2024 to $155 per carat this year.
Production also declined sharply. De Beers mined 10.2 million carats in H1 2025, a 23 percent decrease from 13.3 million carats in the prior-year period. The company had deliberately reduced mining activity in response to weaker demand. Production fell 26 percent in Botswana, its top-producing country, and 43 percent in Canada. Output was flat year-over-year in Namibia and South Africa.
De Beers stated that overall rough diamond trading conditions have remained “challenged” this year. A surplus of polished diamond inventory persists in the midstream (cutters, polishers, traders), leading to cautious purchasing behavior among both midstream and downstream (designers, retailers) players amid general uncertainty.
The company attributed the H1 loss to declining prices and the impact of “stock rebalancing initiatives,” which involved selling certain assortments at lower margins to clear out-of-balance inventory purchased when prices were higher.
Consumer demand for diamond jewelry was “broadly stable” globally in H1. In the United States, demand held steady, though the full impact of recent tariff announcements was yet to be realized. In India, diamond sales grew by double-digits. The sales decline in China appeared to be slowing, while demand remained “robust” in Japan and the Gulf region.
De Beers noted that polished diamond prices began to stabilize in Q1 2025, but momentum was lost in Q2 as a tariff announcement created “increased uncertainty.”
De Beers provided updates on its brands:
– **De Beers Jewellers** (rebranded as De Beers London): Opened a flagship store in Dubai Mall in April via a partnership with Chalhoub Group. Plans are underway for a flagship store in Paris.
– **Forevermark**: Transitioning from a diamond brand to a finished jewelry brand with a focus on India. It plans to open four new stores in Mumbai and Delhi in H2 2025 while winding down its legacy global business.
– **Lightbox**: The lab-grown diamond brand, launched in 2018, is nearing its end. Its website was advertising a “Farewell Sale” with discounts up to 85 percent, with only a few styles remaining.