London: De Beers reported a sharp increase in rough diamond sales and production for the third quarter of 2025 compared to the same period last year. The sales volume tripled due to an extra selling event (Sight) in Q3 2025, which was reduced during the market downturn in Q3 2024. Production was up 38% year-on-year, primarily driven by higher output from Botswana. 

However, the increase in volume was offset by a lower average price, and the company acknowledged that rough diamond trading conditions remained challenging. 

Q3 2025 financial and operational highlights:

Sales and price:

• Rough diamond sales volume: Totaled 5.7 million carats (4.6 million on a consolidated basis), an increase of 175% from the 2.1 million carats sold in Q3 2024.
• Rough diamond sales revenue: Consolidated rough diamond sales revenue reached $700 million, a 229% increase from the $213 million reported in Q3 2024.
• Average realized price: Decreased by 3% for the year-to-date to $155 per carat. This reflects a 14% drop in the average rough price index, partially offset by a favorable sales mix of higher-value stones in Q2 and Q3. 

Production:

• Total production: Increased by 38% year-on-year to 7.7 million carats.
• Production by region:
  • Botswana: Production was up 51% to 6.0 million carats due to higher-grade ore and full operational status at the Jwaneng mine.
  • South Africa: Production held steady at 0.7 million carats as the Venetia mine continued its transition to underground operations.
  • Namibia: Production was flat at 457,000 carats.
  • Canada: Production declined by 15% to 0.5 million carats due to processing lower-grade ore. 

Market conditions and strategy:

• Continued challenges: De Beers noted that despite the sales volume increase, global trading conditions in the rough market remained difficult. The company cited new U.S. tariffs on diamond imports from India as a contributing factor.
• Stock rebalancing: The Q3 sales volume increase was driven partly by continued stock rebalancing, which involved selling specific assortments at lower margins.
• Consumer demand: Consumer demand for natural diamond jewelry remained stable in the United States.
• Anglo American dual-track process: The separation of De Beers from parent company Anglo American is progressing, with a dual-track process for potential divestment or demerger underway. 

2025 Guidance:

• Production guidance: Unchanged at 20–23 million carats for the year.
• Unit cost guidance: Unchanged at approximately $94 per carat.