De Beers Sales, Production Fall in Q1 Amid Uncertainty

London—Sales and production both dropped for De Beers Group in the first quarter of 2025, as the general economic unease did nothing to stimulate an already sluggish diamond market. 

De Beers reported Thursday that first-quarter production totaled 6.1 million carats, an 11 percent drop from the 6.9 million carats mined a year ago. 

Production was down in three of the four countries where De Beers mines diamonds, dropping 8 percent in Botswana to 4.6 million carats, 19 percent in South Africa to 483,000 carats, and 40 percent in Canada to 389,000 carats. 

The only exception was Namibia. 

Production in the country was flat at 631,000 carats as planned mining of higher-grade areas and better recoveries on land offset the planned slowdown in mining by Debmarine Namibia, which mines diamonds at sea.

Rough diamond sales from two sights in the first quarter totaled 4.7 million carats (4.2 million on a consolidated basis, which excludes rough sales by De Beers’ joint-venture partners), compared with 4.9 million carats (4.6 million carats on a consolidated basis) sold in the first two sights of 2024, a 4 percent year-over-year decline.

Consolidated rough diamond revenue from the first two sights of 2025 totaled $520 million, a 44 percent drop from the first two sights of 2024 ($925 million).

The consolidated average realized price declined by 38 percent to $124 per carat, reflecting the impact of a change in sales mix, stock rebalancing, and a 15 percent decrease in the average rough price index.

De Beers said U.S. consumer demand for diamond jewelry over the holiday season met expectations, but rough diamond demand was “subdued” to start the new year. Manufacturers were not looking to restock on rough because they still had plenty of loose polished diamonds. 

“While there were signs of loose polished diamond prices stabilizing towards the end of the quarter, lifting industry confidence, ongoing macroeconomic uncertainty, in particular the impact of U.S. tariffs, will likely result in continued cautious sightholder purchases in the near term,” the company said. 

“We continue to manage the business to preserve cash while maintaining underlying value.”

De Beers’ 2025 production guidance of 20 million-23 million carats remains unchanged.

The diamond miner and marketer’s most recent results were posted Thursday as part of parent company Anglo America’s first-quarter production report.

Anglo confirmed last year that it is looking to offload De Beers as part of a wider restructuring that will allow it to focus on mining metals that are used in “green” energy solutions. 

On Thursday, Anglo Chief Executive Duncan Wanblad said the company continues to pursue either a demerger or divestment of De Beers, which it is “committed to completing at the right time and when market conditions allow.”