Anglo American said it is again considering another impairment of De Beers – its third in a span of three years – as the diamond market continues to face challenges. 

Latest data showed De Beers' rough diamond production in the fourth quarter of 2025 decreased by 35 per cent to 3.8 million carats, primarily driven by maintenance shutdowns at Jwaneng and Orapa in response to market conditions. Meanwhile, diamond output in 2025 was down 12 per cent from 2024.

The miner's average realised diamond price was down 7 per cent to US$142 per carat in 2025, largely due to a 12 per cent decrease in the average rough price index. Rough diamond sales from three Sights in Q4 2025, meanwhile, totalled 5.9 million carats, generating sales revenue of US$571 million – higher than 4.6 million carats in Q4 2024.

"Rough diamond trading conditions continued to be challenging in the quarter amid persistent industry, geopolitical and tariff uncertainty," Anglo American reported. 

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, revealed Anglo American. 

In February 2025, De Beers’ parent company wrote down the value of its diamond mining business by US$2.9 billion, following a US$1.6-billion impairment in 2024.

The group is divesting its stake in De Beers, adding that "the separation of our iconic diamond business (De Beers) continues to progress."