Chamwe Kaira
Anglo American chief executive officer Duncan Wanblad says the formal process to sell De Beers is advancing, despite current challenging market conditions. Anglo is the majority shareholder in De Beers.
The update is included in the company’s production report for the second quarter ended 30 June.
De Beers operates in partnership with the Namibian government through Namdeb Land operations, Debmarine Namibia, and the Namibia Diamond Trading Company.
Rough diamond production in the quarter declined by 36% to 4.1 million carats due to a planned response to lower demand.
The group reported that trading conditions remained difficult in the first half of 2025. While there was improved sentiment at the end of the first quarter, stabilising polished diamond prices, uncertainty over US tariffs announced in April slowed polished trading.
“Consumer demand for diamond jewellery remained broadly stable in the first half of the year,” the report stated.
Rough diamond sales from three sites during the quarter reached 7.6 million carats, supported by stock rebalancing initiatives. Specific assortments were sold at lower margins, with consolidated sales totalling 6.8 million carats and revenues of US$1.185 billion. In the second quarter of 2024, sales from three sites reached 7.8 million carats (7.3 million consolidated), generating US$1.039 billion.
In the first half of 2025, the average realised price decreased by 5% to US$155 per carat, reflecting a 14% drop in the average rough price index. This was partly offset by stronger demand for higher-value stones. Production guidance for 2025 remains unchanged at 20 to 23 million carats.
In Botswana, production fell by 44% to 2.7 million carats due to extended maintenance at Orapa and reduced output measures, including placing the Letlhakane Tailings Treatment Plant under care and maintenance. Jwaneng production remained stable.
Namibia’s production declined by 5% to 0.5 million carats following planned output reductions at Debmarine Namibia. The Coral Sea vessel was retired, and the Grand Banks vessel was removed from service following a fleet optimisation study. This was partly balanced by mining higher-grade areas at Namdeb.
In South Africa, production rose by 17% to 0.6 million carats due to increased processing of higher-grade underground ore from Venetia. Output remains below prior open-pit levels, with capital spending being rephased due to subdued market conditions.
Production in Canada declined by 46% to 0.4 million carats due to planned processing of lower-grade ore.
