De Beers’ rough diamond output dropped by 11% to 6.1 million carats in the first quarter of 2025, reflecting the continued production response to the prolonged period of lower demand.
Production in Botswana, Canada and South Africa declined during the period under review while that of Namibia remained unchanged.
The biggest decline was recorded in Canada, where production fell by 40% to 400,000 carats due to the planned treatment of lower-grade ore.
Production in South Africa decreased by 19% to 500,000 carats due to changes in shift configuration and the impact of the heavy rainfall and flooding in January 2025, which temporarily restricted access to the mining operations.
In Botswana, production dropped by 8% to 4.6 million carats, as a result of the planned actions to lower production.
Production in Namibia was largely unchanged at 631,000 carats, with planned actions to lower production at Debmarine Namibia offset by planned mining of higher-grade areas and better recoveries.
Meanwhile, rough diamond sales from two sights in the quarter totalled 4.7 million carats, generating consolidated rough diamond sales revenue of $520 million.
This compared with two sights during the same period last year of 4.9 million carats, generating consolidated rough diamond revenue of $925 million.
The consolidated average realised price decreased by 38% to $124 per carat, reflecting the impact of a change in sales mix, stock rebalancing, as well as a 15% decrease in the average rough price index.
De Beers’ production guidance for 2025 remains unchanged at between 20 million and 23 million carats.
The group said 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.
It said although 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.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
