De Beers’ parent company reduces value by almost half

Anglo American has reported that it has assessed the worth of subsidiary De Beers at $2.3 bn (£1.68bn), down from $4.1 bn (£3bn) the year before.

In its newly released annual results for 2025, the London-based multinational mining company said the total hit to De Beers of $1.8 bn (£1.34bn), $2.3bn (£1.68bn) prior to tax and other deductions, can be linked to decreased long-and short-term diamond price forecasts. 

It added that prices have been pushed down by customers’ growing preference for natural diamonds and lab grown diamonds, leaving more uncut diamonds available than the market currently wants and subsequently driving down their price by 12%.

In 2025, De Beers sold diamonds for an average $142 (£105) per carat, 7% less than the $152 (£112) per carat they got in 2024. It attributed this mainly to the fall in the overall price of rough diamonds and its sale of some diamonds at lower prices.

De Beers’ overall revenue increased by 6% to reach $3.49bn (£2.59bn) in 2025, up from $3.29bn (£2.40bn) in the previous period.

The company said that higher earnings were partly reduced by the “ongoing challenging rough diamond trading conditions at De Beers”.

Its underlying EBITDA plummeted to $511mn (£378.6mn) from $25 mn (£18.5mn) amid the price drops and discounts.

Anglo American’s overall profit stood at $1.35bn (£1bn), up from $975 mn (£724mn) in 2024.

Its profit before tax was $883mn (£654mn), a turnaround from a $1.36bn (£1bn) loss in 2024.

Duncan Wanblad, CEO of Anglo American, said: “2025 was a transformational year for Anglo American as we progressed our portfolio simplification and set the course for the future of our company by agreeing to merge with Teck to form a global critical minerals champion – as Anglo Teck.

“In parallel, we continued to accelerate delivery of our own strategic priorities of operational excellence, portfolio optimisation and growth, making great strides during the year and unlocking material value for our shareholders.”

He added: “We are committed to seeing our portfolio changes through to their conclusion, following the successful demerger of Valterra Platinum in May and the sale of our residual holding in the business in September. We continue to progress the sale of our Steelmaking Coal business, the agreed sale of our Nickel business is moving through regulatory approval, and we are progressing the separation of De Beers.”