De Beers rough diamond production falls 11% in Q1

The De Beers Group has reported its rough diamond production in Q1 2025 decreased by 11% to 6.1 million carats, reflecting the continued production response to the prolonged period of lower demand.

In Botswana, production decreased by 8% to 4.6 million carats, as a result of the planned actions to lower production.

Production in Namibia is broadly unchanged, with planned actions to lower production at Debmarine Namibia offset by planned mining of higher grade areas and better recoveries at Namdeb.

Meanwhile, in South Africa, production decreased by 19% to 0.5 million carats, due to changes in shift configuration as well as the impact of the heavy rainfall and flooding in January 2025 which temporarily restricted access to the mining operations.

Additionally, production in Canada decreased by 40% to 0.4 million carats due to planned treatment of lower grade ore.

Rough diamond sales from two Sights (a sales process that De Beers uses to distribute diamonds to diamond cutters) in Q1 2025 totalled 4.7 million carats, generating consolidated rough diamond sales revenue of $520m (£388.7m). 

This was down from Q1 2024 rough diamond sales of 4.9 million carats from two Sights, generating consolidated rough diamond revenue of $925m (691.5m).

The consolidated average realised price also decreased by 38% to $124/ct (£92.7/ct), reflecting the impact of a change in sales mix, stock rebalancing, as well as a 15% decrease in the average rough price index.

Looking ahead, production guidance for 2025 is unchanged at 20–23 million carats (100% basis). 

The group stated that it will continue to monitor rough diamond trading conditions and will respond accordingly.

De Beers said: “Consumer demand for diamond jewellery in the United States over the year-end holiday season was in line with expectations, however, rough diamond demand in the first quarter remained subdued as the midstream continued its cautious approach to restocking due to excess loose polished diamond inventory. 

“While there were signs of loose polished diamond prices stabilising towards the end of the quarter, lifting industry confidence, ongoing macroeconomic uncertainty, in particular the impact of US tariffs, will likely result in continued cautious Sightholder purchases in the near term. We continue to manage the business to preserve cash while maintaining underlying value.”