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De Beers - Diamonds
| Diamonds(1) (000 carats) | Q3 2026 |
Q3 2025 |
Q3 2026 vs. Q3 2025 |
Q2 2026 |
Q3 2026 vs. Q2 2026 |
YTD 2026 |
YTD 2025 |
YTD 2026 vs. YTD 2025 |
| Botswana | 4,830 | 6,030 | (20)% | 5,488 | (12)% | 15,132 | 13,253 | 14% |
| Namibia | 495 | 457 | 8% | 531 | (7)% | 1,582 | 1,623 | (3)% |
| South Africa | 418 | 659 | (37)% | 734 | (43)% | 1,892 | 1,734 | 9% |
| Canada | 1,064 | 511 | 108% | 1,028 | 4% | 3,115 | 1,261 | 147% |
| Total carats recovered | 6,807 | 7,657 | (11)% | 7,781 | (13)% | 21,721 | 17,871 | 22% |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report.
Operational Performance
Rough diamond production was 11% lower at 6.8 million carats, primarily driven by planned plant maintenance at Orapa in Botswana and a slowdown at Venetia in South Africa ahead of a planned two-year production pause.
In Botswana, production decreased to 4.8 million carats, as a result of the planned plant maintenance at Orapa. Planned plant maintenance at Jwaneng in Q4 2026 is expected to substantially decrease production levels from Q3 2026 rates.
In Namibia, production remained stable at 0.5 million carats.
In South Africa, production decreased to 0.4 million carats, as Venetia ramped down production and processing ahead of its production pause. While activities to support the production pause will continue into early 2027, no further carat production is expected in 2026.
In Canada, production increased to 1.1 million carats, due to the planned processing of higher-grade ore at Gahcho Kué. As of 16 October 2026, De Beers has assumed full ownership of the Gahcho Kué mine following the enforcement of security over Mountain Province Diamonds' 49% interest in the joint operation. As a result, De Beers will in future report 100% of Gahcho Kué mine production and sales rather than 51%. Whilst this does not impact global supply, this will result in an increase in De Beers' reported attributable production.
Trading Performance
Rough diamond trading conditions showed signs of stability during the third quarter, reflecting a more balanced supply-demand landscape and improved consumer demand across the US and India. Synthetic lab-grown diamonds continued to affect demand for lower-value natural diamonds, adding pressure in more price-sensitive categories.
The YTD consolidated average realised price declined by 37% to $97/carat, as a result of an 18% decrease in the average rough price index and the return to a more balanced sales mix (a higher proportion of higher value goods were sold in the comparative period).
Rough diamond sales in Q3 2026 totalled 9.8 million carats (8.7 million carats on a consolidated basis)(1) from two Sights, generating consolidated rough diamond sales revenue of $731 million. This compares with two Sights in Q3 2025 of 5.7 million carats (4.6 million carats on a consolidated basis)(1), generating $700 million of consolidated rough diamond sales revenue.
2026 Guidance
Production(2) guidance for 2026 is revised to 25–28 million carats (100% basis) (previously 21-26 million carats), reflecting De Beers assuming full ownership of the Gahcho Kué mine. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.
Unit cost guidance for 2026 is revised to c.$70/carat(3) (previously c.$80/carat), reflecting the increased contribution from Gahcho Kué, the impact of the Venetia production pause and ongoing cost control across all operations.
(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. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report.
(3) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD.
| Diamonds(1) | Q3 2026 |
Q2 2026 |
Q1 2026 |
Q4 2025 |
Q3 2025 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD 2026 |
YTD 2025 |
YTD 2026 vs. YTD 2025 |
| Carats recovered (000 carats) 100% basis (unless stated) |
||||||||||
| Jwaneng | 2,978 | 2,789 | 2,232 | — | 3,151 | (5)% | 7% | 7,999 | 7,259 | 10% |
| Orapa(2) | 1,852 | 2,699 | 2,582 | 1,881 | 2,879 | (36)% | (31)% | 7,133 | 5,994 | 19% |
| Total Botswana | 4,830 | 5,488 | 4,814 | 1,881 | 6,030 | (20)% | (12)% | 15,132 | 13,253 | 14% |
| Debmarine Namibia | 366 | 370 | 354 | 286 | 303 | 21% | (1)% | 1,090 | 1,149 | (5)% |
| Namdeb (land operations) | 129 | 161 | 202 | 173 | 154 | (16)% | (20)% | 492 | 474 | 4% |
| Total Namibia | 495 | 531 | 556 | 459 | 457 | 8% | (7)% | 1,582 | 1,623 | (3)% |
| Venetia | 418 | 734 | 740 | 496 | 659 | (37)% | (43)% | 1,892 | 1,734 | 9% |
| Total South Africa | 418 | 734 | 740 | 496 | 659 | (37)% | (43)% | 1,892 | 1,734 | 9% |
| Gahcho Kué (51% basis) | 1,064 | 1,028 | 1,023 | 949 | 511 | 108% | 4% | 3,115 | 1,261 | 147% |
| Total Canada | 1,064 | 1,028 | 1,023 | 949 | 511 | 108% | 4% | 3,115 | 1,261 | 147% |
| Total carats recovered | 6,807 | 7,781 | 7,133 | 3,785 | 7,657 | (11)% | (13)% | 21,721 | 17,871 | 22% |
| Total sales volume (100%) (000 carats)(3) | 9,767 | 7,061 | 7,723 | 5,941 | 5,715 | 71% | 38% | 24,551 | 17,985 | 37% |
| Consolidated sales volume (000 carats)(3) | 8,713 | 6,038 | 6,408 | 5,383 | 4,558 | 91% | 44% | 21,159 | 15,563 | 36% |
| Consolidated rough diamond sales value ($m)(4) | 731 | 665 | 648 | 571 | 700 | 4% | 10% | 2,044 | 2,405 | (15)% |
| Average price ($/ct)(5) | 84 | 110 | 101 | 106 | 154 | (45)% | (24)% | 97 | 155 | (37)% |
| Average price index(6) | 65 | 69 | 68 | 74 | 81 | (20)% | (6)% | 67 | 82 | (18)% |
| Number of Sights | 2 | 3 | 2 | 3 | 2 | 7 | 7 |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance in 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 2025 indices have been restated to include the effect of the stock rebalancing actions. The De Beers price index is relative to 100 as at December 2006.