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De Beers - Diamonds
| Diamonds(1) (000 carats) | Q3 2025 |
Q3 2024 |
Q3 2025 vs. Q3 2024 | Q2 2025 |
Q3 2025 vs. Q2 2025 | YTD 2025 |
YTD 2024 |
YTD 2025 vs. YTD 2024 |
| Botswana | 6,030 | 3,994 | 51 % | 2,651 | 127 % | 13,253 | 13,691 | (3) % |
| Namibia | 457 | 456 | 0 % | 535 | (15) % | 1,623 | 1,650 | (2) % |
| South Africa | 659 | 513 | 28 % | 592 | 11 % | 1,734 | 1,616 | 7 % |
| Canada | 511 | 603 | (15) % | 361 | 42 % | 1,261 | 1,921 | (34) % |
| Total carats recovered | 7,657 | 5,566 | 38 % | 4,139 | 85 % | 17,871 | 18,878 | (5) % |
1 Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Operational Performance
In Q3 2025 production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng in Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter of 2025.
In Botswana, production increased by 51% to 6.0 million carats. In the comparative period there was one month of plant maintenance at Jwaneng, whereas the plant was fully operational in Q3 2025. In addition, given that extended plant maintenance is planned for the entirety of Q4 2025, higher grade ore was processed at Jwaneng in the third quarter. Orapa resumed operations after a planned extended plant maintenance shut in Q2 2025.
Production in Namibia was flat at 0.5 million carats.
In South Africa, production increased by 28% to 0.7 million carats, reflecting the processing of increased volumes of higher-grade underground ore.
Production in Canada decreased by 15% to 0.5 million carats due to planned treatment of lower-grade ore.
Trading Performance
Rough diamond trading conditions continued to be challenging during the third quarter. The improvement in rough diamond demand seen during the first half of 2025 was undermined by new US tariffs on diamond imports from India. India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond jewellery. There was a positive development in September, when the US included natural diamonds to its Tariff Annex III list making them eligible for tariff exemptions for countries with trade agreements. The EU has subsequently secured these exemptions and the industry awaits the outcome of potential agreements with other countries. Consumer demand for natural diamond jewellery remained stable in the US and broadly stable globally.
Rough diamond sales from two Sights in Q3 2025 totalled 5.7 million carats (4.6 million carats on a consolidated basis)(1) reflecting continued stock rebalancing initiatives with specific assortments being sold at lower margins. This generated consolidated rough diamond sales revenue of $700 million. In comparison, one Sight in Q3 2024 recorded sales of 2.1 million carats (1.7 million carats on a consolidated basis)(1), with consolidated rough diamond revenue of $213 million.
The year to date consolidated average realised price decreased by 3% to $155/ct, reflecting the impact of a 14% decrease in the average rough price index, partially offset by strong demand for higher value stones impacting the sales mix in Q2 and Q3 2025. The average rough price index does not reflect the impact of rebalancing initiatives.
2025 Guidance
Production(2) 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(3).
(1) 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).
(2) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.
| Diamonds(1) | Q3 | Q2 | Q1 | Q4 | Q3 | Q3 2025 vs. Q3 2024 |
Q3 2025 vs. Q2 2025 |
YTD | YTD | YTD 2025 vs. YTD 2024 |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||
| Carats recovered (000 carats) | ||||||||||
| 100% basis (unless stated) | ||||||||||
| Jwaneng | 3,151 | 1,859 | 2,249 | 1,002 | 1,402 | 125 % | 69 % | 7,259 | 5,777 | 26 % |
| Orapa(2) | 2,879 | 792 | 2,323 | 3,242 | 2,592 | 11 % | 264 % | 5,994 | 7,914 | (24) % |
| Total Botswana | 6,030 | 2,651 | 4,572 | 4,244 | 3,994 | 51 % | 127 % | 13,253 | 13,691 | (3) % |
| Debmarine Namibia | 303 | 385 | 461 | 395 | 298 | 2 % | (21) % | 1,149 | 1,230 | (7) % |
| Namdeb (land operations) | 154 | 150 | 170 | 189 | 158 | (3) % | 3 % | 474 | 420 | 13 % |
| Total Namibia | 457 | 535 | 631 | 584 | 456 | 0 % | (15) % | 1,623 | 1,650 | (2) % |
| Venetia | 659 | 592 | 483 | 550 | 513 | 28 % | 11 % | 1,734 | 1,616 | 7 % |
| Total South Africa | 659 | 592 | 483 | 550 | 513 | 28 % | 11 % | 1,734 | 1,616 | 7 % |
| Gahcho Kué (51% basis) | 511 | 361 | 389 | 456 | 603 | (15) % | 42 % | 1,261 | 1,921 | (34) % |
| Total Canada | 511 | 361 | 389 | 456 | 603 | (15) % | 42 % | 1,261 | 1,921 | (34) % |
| Total carats recovered | 7,657 | 4,139 | 6,075 | 5,834 | 5,566 | 38 % | 85 % | 17,871 | 18,878 | (5) % |
| Total sales volume (100%) (000 carats)(3) | 5,715 | 7,555 | 4,715 | 4,647 | 2,077 | 175 % | (24) % | 17,985 | 14,765 | 22 % |
| Consolidated sales volume (000 carats)(3) | 4,558 | 6,815 | 4,190 | 4,273 | 1,665 | 174 % | (33) % | 15,563 | 13,610 | 14 % |
| Consolidated rough diamond sales value ($m)(4) | 700 | 1,185 | 520 | 543 | 213 | 229 % | (41) % | 2,405 | 2,177 | 10 % |
| Average price ($/ct)(5) | 154 | 174 | 124 | 127 | 128 | 20 % | (11) % | 155 | 160 | (3) % |
| Average price index(6) | 94 | 94 | 94 | 100 | 107 | (12) % | 0 % | 94 | 109 | (14) % |
| Number of Sights | 2 | 3 | 2 | 4(7) | 1 | 7 | 6 |
(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 2006.
(7) In Q4 2024, Sight 7 and 8 were combined into a single selling event due to challenging trading conditions.