Chamwe Kaira
De Beers’ diamond production rose 38% to 7.7 million carats in the third quarter of 2025, driven by higher output from its Jwaneng mine in Botswana, parent company Anglo American said in its quarterly production report.
De Beers operates through joint ventures with the Namibian government, including the Namibia Diamond Trading Company, Debmarine Namibia, and Namdeb land operations.
Production in Botswana climbed 51% to 6 million carats as Jwaneng processed higher-grade ore ahead of an extended maintenance shutdown planned for the entire fourth quarter. Orapa also resumed operations after a scheduled shutdown in the previous quarter.
Output in Namibia remained steady at 500 000 carats. In South Africa, production rose 28% to 0.7 million carats due to higher-grade underground ore.
In contrast, Canada’s production dropped 15% to 0.5 million carats as the mine treated lower-grade material.
Anglo American CEO Duncan Wanblad said the results reflected disciplined planning and a focus on optimising ore grades ahead of maintenance cycles.
Trading conditions remained challenging during the quarter.
New US tariffs on diamond imports from India, the world’s main cutting centre, offset improved demand from the first half of the year.
There was some relief in September when the US added natural diamonds to its Tariff Annex III list, allowing tariff exemptions for countries with trade agreements. The EU has already secured exemptions, while others are still negotiating. Consumer demand for natural diamond jewellery remained stable in the US and steady in other markets.
De Beers sold 5.7 million carats, or 4.6 million on a consolidated basis, across two Sights in the third quarter of 2025, earning US$700 million in consolidated revenue. This compares with 2.1 million carats, or 1.7 million consolidated, and US$213 million in revenue from a single sight in the same quarter of 2024.
The company said the year-to-date consolidated average realised price fell 3% to US$155 per carat, reflecting a 14% decline in the average rough price index.
This was partly offset by stronger sales of higher-value stones in the second and third quarters.
De Beers maintained its 2025 production guidance at between 20 and 23 million carats and unit cost guidance at about US$94 per carat. The company said it continues to monitor market conditions closely.
Wanblad said De Beers remains focused on balancing production with demand amid global economic uncertainty and changing trade dynamics.
