Editor’s Note
This article highlights the strategic operational performance of the mining business, which maintained strength despite lower output. The significant quarterly production decrease was primarily due to planned maintenance, a temporary measure for long-term efficiency.
The mining business delivered strong operational performance at lower output levels as the business produced into prevailing levels of demand.
Rough diamond production in the fourth quarter decreased by 35% to 3.8 million carats, primarily due to the maintenance shutdowns at Jwaneng and Orapa.
As a result of these maintenance shutdowns, Botswana production decreased 56% to 1.9 million carats. Jwaneng was offline as planned for the entire quarter after optimising plant utilisation ahead of this maintenance period, while Orapa conducted a maintenance shutdown in October. The operations will continue to prioritise cost management by maintaining a balance between optimal plant throughput and maintenance downtime.
Namibia’s production decreased by 21% to 0.5 million carats as a result of scheduled maintenance on two vessels, along with extended in-port time to install a next-generation subsea crawler on the Benguela Gem (diamond recovery vessel). Additionally, two vessels were decommissioned earlier in the year as part of the company’s strategic response to prevailing industry conditions.
In South Africa, production decreased by 10% to 0.5 million carats, as a result of planned plant maintenance.
Production in Canada increased to 0.9 million carats as Gahcho Kué accessed new ore from the latest cut at the mine following its initial waste stripping phase.
Rough diamond trading conditions continued to be challenging in the quarter amid persistent industry, geopolitical and tariff uncertainty.
Rough diamond sales from three Sights in Q4 2025 totalled 5.9 million carats (5.4 million carats on a consolidated basis) generating consolidated rough diamond sales revenue of $571 million – higher than Q4 2024 rough diamond sales which totalled 4.6 million carats (4.3 million carats on a consolidated basis) generating $543 million of consolidated rough diamond sales revenue.
The full year consolidated average realised price declined by 7% to $142/ct, primarily driven by a 12% decrease in the average rough price index and the impact of stock rebalancing initiatives, partially offset by stronger demand for higher value stones across the year as a whole. However, the Q4 realised price was impacted by the sales mix, which saw a higher proportion of lower value goods being sold. The average rough price index does not reflect the effect of stock rebalancing actions. The equivalent price index reduction including the impact of stock rebalancing actions would be a 25% decrease year-on-year.
The Group is undertaking an impairment review of De Beers’ carrying value, assessing the impact of diamond market conditions, which could potentially lead to an impairment at the full year results.
Production guidance for 2026 is revised to 21–26 million carats (100% basis) (previously 26-29 million carats), in response to the challenging rough diamond trading conditions. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.
As previously announced, Anglo American continues to pursue a dual track separation for De Beers and a structured sale process is currently under way.