Rough diamond production at De Beers Group decreased by 11 per cent in the first fiscal quarter largely due to a protracted period of sluggish demand.

Anglo American plc, which owns De Beers, said the miner’s output reached 6.1 million carats during the quarter in review, down from 6.9 million carats in Q1 2024.

Meanwhile, diamond sales from two Sights in Q1 2025 totalled 4.7 million carats, generating revenues of US$520 million. By comparison, two Sights in Q1 2024 recorded 4.9 million carats and US$925 million in sales and revenues, respectively.

Average realised price dipped 38 per cent to US$124 a carat, reflecting the impact of a change in sales mix, stock rebalancing and a 15 per cent decrease in the average rough price index.

“Consumer demand for diamond jewellery in the US over the year-end holiday season was in line with expectations,” noted De Beers. “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.” 

De Beers said while signs of polished diamond prices stabilising towards the end of the quarter had lifted industry confidence, ongoing macroeconomic uncertainties, particularly the impact of US tariffs, will likely result in continued cautious Sightholder purchases in the near term. 

Production guidance for 2025 remains unchanged at 20 to 23 million carats, the miner said.