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De Beers - Diamonds
|
Diamonds(1) (000 carats) |
Q1 2025 |
Q1 2024 |
Q1 2025 vs. |
Q4 |
Q1 2025 vs. |
|
Botswana |
4,572 |
4,987 |
(8)% |
4,244 |
8% |
|
Namibia |
631 |
633 |
0% |
584 |
8% |
|
South Africa |
483 |
598 |
(19)% |
550 |
(12)% |
|
Canada |
389 |
645 |
(40)% |
456 |
(15)% |
|
Total carats recovered |
6,075 |
6,863 |
(11)% |
5,834 |
4% |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production decreased by 11% to 6.1 million carats, reflecting the continued production response to the prolonged period of lower demand.
In Botswana, production decreased by 8% to 4.6 million carats, as a result of the planned actions to lower production.
Production in Namibia is broadly unchanged, with planned actions to lower production at Debmarine Namibia offset by planned mining of higher grade areas and better recoveries at Namdeb.
In South Africa, production decreased by 19% to 0.5 million carats, due to changes in shift configuration as well as the impact of the heavy rainfall and flooding in January 2025 which temporarily restricted access to the mining operations.
Production in Canada decreased by 40% to 0.4 million carats due to planned treatment of lower grade ore.
Trading Performance
Consumer demand for diamond jewellery in the United States over the year-end holiday season was in line with expectations, 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. While 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. We continue to manage the business to preserve cash while maintaining underlying value.
Rough diamond sales from two Sights in Q1 2025 totalled 4.7 million carats (4.2 million carats on a consolidated basis)(1), generating consolidated rough diamond sales revenue of $520 million. This compared with two Sights in Q1 2024 of 4.9 million carats (4.6 million carats on a consolidated basis)(1), generating consolidated rough diamond revenue of $925 million.
The consolidated average realised price decreased by 38% to $124/ct, reflecting the impact of a change in sales mix, stock rebalancing, as well as a 15% decrease in the average rough price index.
2025 Guidance
Production guidance(2) for 2025 is unchanged at 20–23 million carats (100% basis). De Beers continues to monitor rough diamond trading conditions and will respond accordingly.
Unit cost guidance for 2025 is unchanged at c.$94/carat(3).
1Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
2Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
3FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.
| Diamonds(1) | Q1 2025 |
Q4 2024 |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q1 2025 vs. Q1 2024 | Q1 2025 vs. Q4 2024 |
| Carats recovered (000 carats) | |||||||
| 100% basis (unless stated) | |||||||
| Jwaneng | 2,249 | 1,002 | 1,402 | 1,881 | 2,494 | (10) % | 124 % |
| Orapa(2) | 2,323 | 3,242 | 2,592 | 2,829 | 2,493 | (7) % | (28) % |
| Total Botswana | 4,572 | 4,244 | 3,994 | 4,710 | 4,987 | (8) % | 8 % |
| Debmarine Namibia | 461 | 395 | 298 | 427 | 505 | (9) % | 17% |
| Namdeb (land operations) | 170 | 189 | 158 | 134 | 128 | 33 % | (10) % |
| Total Namibia | 631 | 584 | 456 | 561 | 633 | 0% | 8 % |
| Venetia | 483 | 550 | 513 | 505 | 598 | (19) % | (12) % |
| Total South Africa | 483 | 550 | 513 | 505 | 598 | (19) % | (12)% |
| Gahcho Kué (51% basis) | 389 | 456 | 603 | 673 | 645 | (40) % | (15) % |
| Total Canada | 389 | 456 | 603 | 673 | 645 | (40) % | (15) % |
| Total carats recovered | 6,075 | 5,834 | 5,566 | 6,449 | 6,863 | (11) % | 4 % |
| Total sales volume (100%) (000 carats)(3) | 4,715 | 4,647 | 2,077 | 7,819 | 4,869 | (3) % | 1 % |
| Consolidated sales volume (000 carats)(3) | 4,190 | 4,273 | 1,665 | 7,333 | 4,612 | (9) % | (2) % |
| Consolidated rough diamond sales value ($m)(4) | 520 | 543 | 213 | 1,039 | 925 | (44) % | (4) % |
| Average price ($/ct)(5) | 124 | 127 | 128 | 142 | 201 | (38) % | (2) % |
| Average price index(6) | 94 | 100 | 107 | 108 | 110 | (15) % | (6) % |
| Number of Sights | 2 | 4(7) | 1 | 3 | 2 |
1 Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
2 Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
3 Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
4 Consolidated rough diamond sales value includes De Beers Group's 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
5 Consolidated average realised price based on 100% selling value post-aggregation.
6 Average of the De Beers price index for the Sights within the period. The De Beers price index is relative to 100 as at December 2006.
7 In Q4 2024, Sight 7 and 8 were combined into a single selling event due to challenging trading conditions.