Latest Group news

Operational and financial metrics⁽¹⁾

	Production volume	Sales volume	Price	Unit cost*	Group revenue*	Underlying EBITDA*	EBITDA margin(6)	Underlying EBIT*	Capex*	ROCE*
	’000 cts	’000 cts(2)	$/ct(3)	$/ct(4)	$m(5)	$m		$m	$m
De Beers	14,914	12,446	105	64	1,583	(113)	(7)%	(209)	115	(33)%
Prior period	10,214	11,005	155	87	1,952	(189)	(10)%	(303)	172	(17)%
Botswana	10,302	n/a	96	23	n/a	119	n/a	106	41	n/a
Prior period	7,223	—	120	39	—	227	—	204	34	—
Namibia	1,087	n/a	367	256	n/a	13	n/a	11	6	n/a
Prior period	1,166	—	340	215	—	78	—	58	7	—
South Africa	1,474	n/a	65	85	n/a	(53)	n/a	(74)	56	n/a
Prior period	1,075	—	75	97	—	(48)	—	(72)	71	—
Canada	2,051	n/a	40	37	n/a	(8)	n/a	(44)	5	n/a
Prior period	750	—	60	59	—	27	—	20	52	—
Trading	n/a	n/a	n/a	n/a	n/a	30	2%	29	2	n/a
Prior period	—	—	—	—	—	(260)	(16)%	(262)	—	—
Other(7)	n/a	n/a	n/a	n/a	n/a	(214)	n/a	(237)	5	n/a
Prior period	—	—	—	—	—	(213)	—	(251)	8	—

^{(1) Prepared on a consolidated accounting basis, except for production, which is stated on a 100% basis except for the Gahcho Kué joint operation in Canada, which is on an attributable 51% basis.
(2) Total sales volumes on a 100% basis were 14.8 million carats (30 June 2025: 12.3 million carats). Total sales volumes (100%) include De Beers Group’s joint arrangement partners’ 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and Namibia Diamond Trading Company.
(3) Pricing for the mining businesses is based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost.
(4) Unit cost is based on consolidated production and operating costs, excluding depreciation and operating special items, divided by carats recovered.
(5) Includes consolidated rough diamond sales of $1.3 billion (30 June 2025: $1.7 billion).
(6) EBITDA margin on a total reported basis. On an equity basis, and excluding the impact of non-mining activities, third‑party sales, purchases, trading, Brands & Diamond Desirability, and corporate, the adjusted EBITDA margin is 16% (30 June 2025: 45%).
(7) Other includes Element Six, Brands & Diamond Desirability, and Corporate.}

Markets

Rough diamond trading conditions remained challenging in the first half of 2026. Consumer confidence and logistics continued to be impacted by geopolitical and macroeconomic instability, compounded by the conflict in the Middle East. While demand for larger, higher-quality natural diamonds remained resilient, smaller and lower-quality diamonds continued to face pricing pressure from the impact of synthetic lab-grown diamonds.

At the retail level, global sales of finished diamond jewellery were stable year-on-year. There were encouraging consumer demand signals in the United States, where natural diamond jewellery sales returned to growth among independent jewellers. Demand in India remained robust, however demand overall in mainland China continued to decline.

Operational performance

Rough diamond production increased by 46% to 14.9 million carats (30 June 2025: 10.2 million carats) driven primarily by comparative impact of the extended plant maintenance at Orapa in the prior period and the planned ore release from Gahcho Kué in Canada. Production is expected to reduce in the second half of 2026, given planned plant maintenance at Orapa and Jwaneng and corresponding downtime.

In Botswana, production increased by 43% to 10.3 million carats (30 June 2025: 7.2 million carats), reflecting the impact of Orapa being on extended maintenance during the prior period and planned mining of higher-grade ore from both Jwaneng and Orapa.

Namibia’s production decreased by 7% to 1.1 million carats (30 June 2025: 1.2 million carats), due to scheduled maintenance on two vessels at Debmarine Namibia combined with the impact of decommissioning two vessels in H1 2025.

In South Africa, production increased by 37% to 1.5 million carats (30 June 2025: 1.1 million carats), due to processing higher volumes of underground ore. A pause in production is proposed to start in the second half of the year.

In Canada, production increased by 173% to 2.1 million carats (30 June 2025: 0.8 million carats), as Gahcho Kué processed run of mine ore from a new mining area. A decision was made in the first half of the year to pause the planned Tuzo Phase 3 open-pit expansion, with operations now focused on safely extracting the remaining ore from the current cut. This decision does not impact 2026 production.

Financial performance

Total revenue declined to $1.6 billion (30 June 2025: $2.0 billion), driven by lower rough diamond sales of $1.3 billion (30 June 2025: $1.7 billion) reflecting a lower realised price. Total rough diamond consolidated sales volumes increased by 13% to 12.4 million carats (30 June 2025: 11.0 million) as the business continued to balance production, inventory levels and demand.

The H1 2026 consolidated average realised price declined by 32% to $105 per carat (30 June 2025: $155 per carat), as a result of both a sales mix with a higher proportion of lower value goods due to the current inventory mix and a 16% decrease in the average rough diamond price index (which is now reported including the impact of stock rebalancing initiatives taken throughout 2025).

The decline in the average rough diamond price index resulted in an underlying EBITDA loss of $113 million (30 June 2025: underlying EBITDA loss $189 million). The improvement in EBITDA was primarily attributable to the transition from trading losses in the prior period to trading profits in the current period, supported by lower operating costs. The trading profit in the first half of 2026 reflects improved trading margins compared with the prior period, which was adversely affected by declining rough diamond prices and stock rebalancing initiatives, that resulted in specific assortments being sold at lower margins. In contrast, pricing was relatively stable during the current period, supporting more consistent margins and trading profits.

Unit costs reduced by 26% to $64/ct (30 June 2025: $87/ct), due to operating cost reductions across the portfolio coupled with the impact of higher-grade ore release particularly at Gahcho Kué.

Capital expenditure decreased by 33% to $115 million (30 June 2025: $172 million), reflecting cash preservation measures across De Beers.

Corporate strategy

De Beers continued to progress its Origins strategy in the first half of 2026, with a particular focus on revitalising consumer desire for natural diamonds and streamlining the Group to manage the cost base.

Following the encouraging performance of the Desert diamonds marketing campaign in late 2025, which seeks to promote natural diamonds across a range of colour hues, De Beers expanded the concept, with a new campaign focused on bridal, with a range of classic ‘icon’ designs set to launch in the second half.

In synthetics, Element Six continued to redirect its technological synthetic diamond capabilities towards high-growth industrial applications.

Market outlook

Near-term rough diamond trading conditions are expected to remain challenging, particularly in lower-value categories.

From a consumer demand perspective, in the United States, growth in higher-end jewellery is expected to largely offset weaker demand in lower-priced categories. India is expected to remain an important source of growth; however, the increased gold duty and the weakening of the Indian Rupee present short term risks to demand. In China, trading conditions remain muted with no significant recovery expected in the near term. Retail prices for synthetic lab-grown diamonds continue to fall and competition is expected to put further pressure on margins over time. The growing price gap is expected to support consumer understanding of the differences between natural diamonds and synthetic lab-grown diamonds, further establishing them as two separate product categories.

On the supply side, global rough diamond production is forecast to decline over the coming years. Combined with the gradual normalisation of inventory levels across the value chain, this is expected to support a more balanced supply-demand environment over the medium term.

Operational outlook

Production guidance for 2026 is unchanged at 21–26 million carats (100% basis)⁽¹⁾, as the impact of planned plant maintenance at Orapa and Jwaneng and the proposed production pause at Venetia in the second half is expected to reduce the full year production run-rate. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.

Unit cost guidance for 2026 remains unchanged at c.$80 per carat⁽²⁾. The first half unit cost of $64/carat is lower than guidance, reflecting timing of planned maintenance in the second half of the year.

Consistent with recent actions to improve business resilience, De Beers announced earlier this month a number of planned portfolio and organisational changes to reduce its cost base and enhance future competitiveness as industry conditions improve. This includes the intention to pause production at Venetia mine in South Africa for two years while rephasing capital expenditure on the underground project and, in parallel, reconfiguring the global operating model. Subject to regulatory requirements, the majority of this work is expected to be completed in the second half of 2026.

Anglo American is committed to divesting De Beers and we continue to progress a formal sales process and expect to provide an update through the course of 2026. For further information, refer to note 10 of the Condensed financial statements.

^{(1) Production is on 100% basis, except for the Gahcho Kué joint operation in Canada, which is on an attributable 51% basis.
(2) Unit cost is based on De Beers’ proportionate consolidated share of costs and associated production. 2026 unit cost guidance was set at c.16.50 ZAR:USD.}