Diamond producer De Beers’ rough diamond production for the first quarter of this year decreased by 11% year-on-year to 6.1-million carats, reflecting the continued production response to a prolonged period of lower demand, the company said in its quarterly production report published on April 24.

In Botswana, production decreased by 8% to 4.6-million carats, as a result of the planned actions to lower production, while production in Namibia remained broadly unchanged, with planned actions to lower production at Debmarine Namibia offset by the planned mining of higher-grade areas and better recoveries at Namdeb.

In South Africa, however, production decreased by 19% to 500 000 ct, owing to changes in shift configuration, as well as the impact of the heavy rainfall and flooding in January, which temporarily restricted access to the mining operations.

Meanwhile, production in Canada decreased by 40% to 400 000 ct owing to the planned treatment of lower-grade ore.

De Beers reported that consumer demand for diamond jewellery in the US over the year‑end holiday season had been in line with expectations, but noted that rough diamond demand in the first quarter remained subdued as the midstream continued its cautious approach to restocking amid excess loose polished diamond inventory.

The company stated that, although there were signs of loose polished diamond prices stabilising towards the end of the quarter and lifting industry confidence, ongoing macroeconomic uncertainty, particularly the impact of US tariffs, would likely sustain cautious sightholder purchases in the near term.

De Beers added that it continued to manage the business to preserve cash while maintaining underlying value.

Rough diamond sales from two sightholder sales in the first quarter of 2025 totalled 4.7-million carats, or 4.2-million carats on a consolidated basis, generating consolidated rough diamond sales revenue of $520-million.

De Beers contrasted this with the first quarter of 2024, when two sights delivered 4.9-million carats, or 4.6-million carats on a consolidated basis, and generated consolidated revenue of $925-million.

The company explained that the consolidated average realised price had decreased by 38% to $124/ct, reflecting the impact of a change in sales mix, stock rebalancing and a 15% decline in the average rough price index.

Looking ahead, De Beers reiterated that its production guidance for the full-year remained unchanged at 20‑million to 23‑million carats on a 100% basis. The company affirmed that it would continue to monitor rough diamond trading conditions and respond accordingly. Unit cost guidance for the full-year was also maintained at about $94/ct.

De Beers clarified that consolidated sales volumes excluded its joint venture partners’ 50% proportionate share of sales to entities outside De Beers from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, while total sales volumes were presented on a 100% basis.

The company noted that production figures were reported on a 100% basis except for the Gahcho Kué joint operation, in Canada, which was reported on an attributable 51% basis.

De Beers confirmed that the foreign‑exchange rate assumption for 2025 unit costs was about R18.60 to the dollar.