Editor’s Note
This article details a significant, planned reduction in rough diamond production for Q2 2025, driven by strategic adjustments to align with sustained lower market demand.
Rough diamond production in Q2 2025 decreased by 36% to 4.1 million carats, reflecting a planned production response to the prolonged period of lower demand.
In Botswana, production decreased by 44% to 2.7 million carats, as a result of extended maintenance at Orapa as well as actions to lower production, which included putting the Letlhakane Tailings Treatment Plant on care and maintenance. Jwaneng production was broadly consistent with the prior period.
Production in Namibia decreased by 5% to 0.5 million carats, as a result of planned actions to lower production at Debmarine Namibia. Following a fleet optimisation study, the Coral Sea vessel was retired and the Grand Banks vessel has been taken out of service, pending a decision on potential decommissioning or sale. This was partially offset by planned mining of higher-grade areas at Namdeb.
In South Africa, the output from the Venetia underground project remains lower than during the prior open-pit operations, with the capital spend being rephased while market conditions remain subdued. Production increased by 17% to 0.6 million carats, reflecting processing of increased volumes of higher-grade underground ore.
Production in Canada decreased by 46% to 0.4 million carats due to planned treatment of lower-grade ore.
Rough diamond trading conditions remained challenged in the first half of 2025. Improved industry sentiment at the end of the first quarter led to stabilisation of polished diamond prices. But uncertainty surrounding U.S. tariffs announced in April subsequently slowed polished trading. In contrast to the ongoing challenging trading conditions, consumer demand for diamond jewellery remained broadly stable in the first half of the year.
Rough diamond sales from three Sights in Q2 2025 totalled 7.6 million carats, benefitting from stock rebalancing initiatives with specific assortments being sold at lower margins (6.8 million carats on a consolidated basis), generating consolidated rough diamond sales revenue of $1,185 million. This compared with three Sights in Q2 2024 of 7.8 million carats (7.3 million carats on a consolidated basis), generating consolidated rough diamond revenue of $1,039 million. Accordingly, we expect to report negative underlying EBITDA for De Beers in the first half of 2025.
The H1 2025 consolidated average realised price decreased by 5% to $155/ct, reflecting the impact of a 14% decrease in the average rough price index, partially offset by stronger demand for higher-value stones impacting the sales mix in Q2 2025. The average rough price index does not reflect the impact of rebalancing initiatives.
Production guidance for 2025 is unchanged at 20–23 million carats (100% basis). De Beers continues to monitor rough diamond trading conditions and will respond accordingly.
Unit cost guidance for 2025 is unchanged at c.$94/carat.