Rough diamond production at De Beers was down 36 per cent in the second quarter of 2025, reflecting a planned response to persistently weak market demand.

Carats recovered in Q2 2025 reached 4.13 million, a dip from 6.44 million a year ago and 6.07 million in the first quarter of 2025. First-half production was down 23 per cent to 10.21 million carats from 13.31 million carats in the same period last year.

Production declined in Botswana, Namibia, South Africa and Canada, according to De Beers’ mother company, Anglo American plc. The rough diamond market remained challenging in the first half of 2025, it added. 

“Improved industry sentiment at the end of the first quarter led to stabilisation of polished diamond prices. But uncertainty surrounding US tariffs announced in April subsequently slowed polished trading,” explained Anglo American. “In contrast to the ongoing challenging trading conditions, consumer demand for diamond jewellery remained broadly stable in the first half of the year.”

Rough diamond sales from De Beers’ three Sights in Q2 2025 totalled 7.6 million carats, benefitting from stock rebalancing initiatives with specific assortments being sold at lower margins.

This resulted in consolidated rough diamond sales revenue of US$1.19 billion, up from US$1.03 billion in 2024. “Accordingly, we expect to report negative underlying EBITDA for De Beers in the first half of 2025,” the company stated.

Consolidated average realised price in the first half decreased by 5 per cent to US$155/carat, reflecting the impact of a 14 per cent dip in the average rough price index, partially offset by stronger demand for higher-value stones impacting the sales mix in Q2 2025, it added. 

Production guidance for 2025 remains unchanged at 20 to 23 million carats.