Editor’s Note
The following table presents key operational and financial metrics for De Beers and its operations in Botswana and Namibia for the current and prior periods. Figures marked ‘n/a’ or with a dash are not available or not applicable. All monetary values are in US dollars unless otherwise indicated.
(1)
Production
volume
Sales
volume
Price
Unit
cost*
Group
revenue*
Underlying
EBITDA*
EBITDA
margin
(6)
Underlying
EBIT*
Capex*
ROCE*
’000
cts
’000
cts
(2)
$/ct
(3)
$/ct
(4)
$m
(5)
$m
$m
$m
De Beers
21,656
20,946
142
86
3,493
(511)
(15)%
(787)
353
(22)%
Prior period
24,712
17,883
152
93
3,292
(25)
(1)%
(349)
536
(6)%
Botswana
15,134
n/a
110
38
n/a
381
n/a
334
70
n/a
Prior period
17,935
—
143
39
—
241
—
185
83
—
Namibia
2,082
n/a
353
244
n/a
89
n/a
47
18
n/a
Prior period
2,234
—
426
295
—
121
—
82
41
—
South Africa
2,230
n/a
66
110
n/a
(127)
n/a
(187)
148
n/a
Prior period
2,166
—
85
115
—
(54)
—
(126)
312
—
Canada
2,210
n/a
50
51
n/a
17
n/a
(35)
83
n/a
Prior period
2,377
—
79
56
—
45
—
11
63
—
Trading
n/a
n/a
n/a
n/a
n/a
(424)
(15)%
(428)
2
n/a
Prior period
—
—
—
—
—
(50)
(3)%
(54)
1
—
Other
(7)
n/a
n/a
n/a
n/a
n/a
(447)
n/a
(518)
32
n/a
Prior period
—
—
—
—
—
(328)
—
(447)
36
—
(1) Prepared on a consolidated accounting basis, except for production, which is stated on a 100% basis except for the Gahcho Kué joint operation in Canada, which is on an attributable 51% basis.
(2) Total sales volumes on a 100% basis were 23.9 million carats (2024: 19.4 million carats). Total sales volumes (100%) include De Beers Group’s joint arrangement partners’ 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and Namibia Diamond Trading Company.
(3) Pricing for the mining businesses is based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost.
(4) Unit cost is based on consolidated production and operating costs, excluding depreciation and operating special items, divided by carats recovered.
(5) Includes consolidated rough diamond sales of $3.0 billion (2024: $2.7 billion).
(6) EBITDA margin on a total reported basis. On an equity basis, and excluding the impact of non-mining activities, third‑party sales, purchases, trading, Brands & Diamond Desirability, and corporate, the adjusted EBITDA margin is 34% (2024: 35%).
(7) Other includes Element Six, Brands & Diamond Desirability, and Corporate.
Rough diamond trading conditions remained challenging throughout 2025 amid persistent industry, geopolitical and tariff uncertainty. While demand for larger, higher-quality diamonds strengthened through the year, demand for smaller and lower-quality diamonds experienced pressure in light of the growing supply from other producers.
Polished wholesale diamond prices showed signs of stabilisation early in the year, but sentiment weakened sharply following the introduction of US tariffs on Indian exports. India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond jewellery.
Demand for natural diamonds at the retail level proved resilient, although retail sales of laboratory-grown diamonds continue to have an impact. In the US, strong performance in higher-end categories largely offset reduced demand at the lower end of the assortment. India continued to deliver robust growth while demand in China remained muted.
Mining
The mining operations delivered solid operational performance at lower output levels, as the business produced into prevailing demand. Consequently, rough diamond production reduced by 12% to 21.7 million carats (2024: 24.7 million carats).
In Botswana, production reduced by 16% to 15.1 million carats (2024: 17.9 million carats), following planned reductions at Orapa, including extended maintenance downtime, and the transition of the Letlhakane Tailings Treatment Plant into care and maintenance (1). This built on actions already taken in 2024 to lower production levels at Jwaneng.
Production in Namibia decreased 7% to 2.1 million carats (2024: 2.2 million carats), driven by output reductions at Debmarine Namibia through the decommissioning of the Coral Sea and Grand Banks vessels, partially offset by higher-grade ore and improved recoveries at Namdeb.
In South Africa, production at Venetia remained at low levels consistent with prior year at 2.2 million carats (2024: 2.2 million carats), as the underground project progressed in line with the recently reconfigured plan.
Production in Canada decreased 7% to 2.2 million carats (2024: 2.4 million carats), largely due to the planned treatment of lower-grade ore.
Challenging rough diamond trading conditions persisted, with total revenue remaining subdued at $3.5 billion (2024: $3.3 billion), including rough diamond sales of $3.0 billion (2024: $2.7 billion). Total rough diamond consolidated sales volumes of 20.9 million carats (2024: 17.9 million) were broadly in line with De Beers’ share of production globally as the business supplied into areas experiencing demand.
The full year consolidated average realised price declined by 7% to $142 per carat (2024: $152 per carat), primarily due to a 12% decrease in the average rough price index and the impact of stock rebalancing initiatives (whereby low-demand assortments are sold at lower prices), partially offset by strong demand for higher value stones. The average rough price index does not reflect the impact of rebalancing initiatives. The equivalent price index reduction including the impact of stock rebalancing action would be a 25% year-on-year decrease.