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Production Report for the Second Quarter of 2025
Production Report for the Second Quarter of 2025
24 Jul 2025

De Beers - Diamonds

Diamonds(1) (000 carats) Q2
2025
Q2
2024
Q2 2025 vs. Q2 2024 Q1
2025
Q2 2025 vs. Q1 2025 H1
2025
H1
2024
H1 2025 vs. H1 2024
Botswana 2,651 4,710 (44) % 4,572 (42) % 7,223 9,697 (26) %
Namibia 535 561 (5) % 631 (15) % 1,166 1,194 (2) %
South Africa 592 505 17 % 483 23 % 1,075 1,103 (3) %
Canada 361 673 (46) % 389 (7) % 750 1,318 (43) %
Total carats recovered 4,139 6,449 (36) % 6,075 (32) % 10,214 13,312 (23) %

1Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.

Operational Performance

Rough diamond production in Q2 2025 decreased by 36% to 4.1 million carats, reflecting a planned production response to the prolonged period of lower demand.

In Botswana, production decreased by 44% to 2.7 million carats, as a result of extended maintenance at Orapa(1) as well as actions to lower production, which included putting the Letlhakane Tailings Treatment Plant on care and maintenance. Jwaneng production was broadly consistent with the prior period.

Production in Namibia decreased by 5% to 0.5 million carats, as a result of planned actions to lower production at Debmarine Namibia. Following a fleet optimisation study, the Coral Sea vessel was retired and the Grand Banks vessel has been taken out of service, pending a decision on potential decommissioning or sale. This was partially offset by planned mining of higher-grade areas at Namdeb.

In South Africa, the output from the Venetia underground project remains lower than during the prior open-pit operations, with the capital spend being rephased while market conditions remain subdued. Production increased by 17% to 0.6 million carats, reflecting processing of increased volumes of higher-grade underground ore.

Production in Canada decreased by 46% to 0.4 million carats due to planned treatment of lower-grade ore.

Trading Performance

Rough diamond trading conditions remained challenged in the first half of 2025. Improved industry sentiment at the end of the first quarter led to stabilisation of polished diamond prices. But uncertainty surrounding U.S. tariffs announced in April subsequently slowed polished trading. 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 three Sights in Q2 2025 totalled 7.6 million carats, benefitting from stock rebalancing initiatives with specific assortments being sold at lower margins (6.8 million carats on a consolidated basis)(2), generating consolidated rough diamond sales revenue of $1,185 million. This compared with three Sights in Q2 2024 of 7.8 million carats (7.3 million carats on a consolidated basis)(2), generating consolidated rough diamond revenue of $1,039 million. Accordingly, we expect to report negative underlying EBITDA for De Beers in the first half of 2025.

The H1 2025 consolidated average realised price decreased by 5% to $155/ct, reflecting the impact of a 14% decrease in the average rough price index, partially offset by stronger demand for higher-value stones impacting the sales mix in Q2 2025. The average rough price index does not reflect the impact of rebalancing initiatives.

2025 Guidance

Production(3) guidance 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(4).

[1]Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance March 2025, and Damtshaa has been on care and maintenance since 2021.

[2]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).

[3]Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.

[4]FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.

Diamonds(1) Q2 Q1 Q4 Q3 Q2 Q2 2025 vs.
Q2 2024
Q2 2025 vs.
Q1 2025
H1 H1 H1 2025 vs. H1 2024
2025 2025 2024 2024 2024 2025 2024
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 1,859 2,249 1,002 1,402 1,881 (1) % (17) % 4,108 4,375 (6) %
Orapa(2) 792 2,323 3,242 2,592 2,829 (72) % (66) % 3,115 5,322 (41) %
Total Botswana 2,651 4,572 4,244 3,994 4,710 (44) % (42) % 7,223 9,697 (26) %
Debmarine Namibia 385 461 395 298 427 (10) % (16) % 846 932 (9) %
Namdeb (land operations) 150 170 189 158 134 12 % (12) % 320 262 22 %
Total Namibia 535 631 584 456 561 (5) % (15) % 1,166 1,194 (2) %
Venetia 592 483 550 513 505 17  % 23 % 1,075 1,103 (3) %
Total South Africa 592 483 550 513 505 17  % 23 % 1,075 1,103 (3) %
Gahcho Kué (51% basis) 361 389 456 603 673 (46) % (7) % 750 1,318 (43) %
Total Canada 361 389 456 603 673 (46) % (7) % 750 1,318 (43) %
Total carats recovered 4,139 6,075 5,834 5,566 6,449 (36) % (32) % 10,214 13,312 (23) %
Total sales volume (100%) (000 carats)(3) 7,555 4,715 4,647 2,077 7,819 (3) % 60  % 12,270 12,688 (3) %
Consolidated sales volume (000 carats)(3) 6,815 4,190 4,273 1,665 7,333 (7) % 63  % 11,005 11,945 (8) %
Consolidated rough diamond sales value ($m)(4) 1,185 520 543 213 1,039 14 % 128  % 1,705 1,964 (13) %
Average price ($/ct)(5) 174 124 127 128 142 23 % 40 % 155 164 (5) %
Average price index(6) 94 94 100 107 108 (13) % 0 % 94 109 (14) %
Number of Sights 3 2 4(7) 1 3 5 5

(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. Letlhakane was placed on care and maintenance March 2025, and Damtshaa has been on care and maintenance since 2021.
(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 2106.
(7) In Q4 2024, Sight 7 and 8 were combined into a single selling event due to challenging trading conditions.