De Beers recorded a 38% year-on-year increase in diamond production in the third quarter of 2025, reaching 7.7 million carats, with a significant proportion of the increase due to higher output at the Jwaneng mine in Botswana.
Sales volumes and revenue also rose, though trading conditions remained difficult due to tariff changes and discounted pricing strategies.
Regional Production Overview
Production in Botswana, De Beers’ largest contributor, rose by 51 percent to 6 million carats. Output at the Jwaneng mine more than doubled to 3.2 million carats, driven by the processing of higher-grade ore ahead of a planned plant maintenance shutdown scheduled for the fourth quarter. Operations at the Orapa Regime, which includes Orapa, Letlhakane and Damtshaa, resumed following maintenance in Q2.
In South Africa, production increased by 28 percent to 659,000 carats due to the processing of higher-grade ore from Venetia’s underground operations. Production in Namibia remained steady at 457,000 carats, while Canada recorded a 15 percent decline to 511,000 carats, attributed to the planned treatment of lower-grade ore at the Gahcho Kué mine.
Full-year production guidance remains unchanged at 20 to 23 million carats.
Sales Growth Driven by Scheduling and Stock Rebalancing
De Beers reported rough diamond sales of 5.7 million carats on a 100 percent basis in Q3 2025, more than twice the volume recorded in Q3 2024. Consolidated sales revenue rose from $213 million to $700 million. The increase reflected the scheduling of two Sights in the quarter, compared with one in the same period last year.
Sales growth was attributed to timing and stock rebalancing rather than changes in underlying demand. The company continued to sell selected assortments at reduced margins. The average realised price year to date declined by 3 percent to $155 per carat. This was in line with a 14 percent drop in the company’s rough price index.
Tariff Developments and Demand Trends
In August, the United States raised tariffs on Indian diamond imports from 10 percent to 25 percent, and later to 50 percent. India remains the largest diamond cutting and polishing centre, and the US is the biggest consumer market for diamond jewellery.
Natural diamonds were added in September to the US tariff schedule’s Annex III, making them eligible for exemption if imported from countries with a trade agreement with the US. The European Union has secured such exemptions. The industry continues to await developments regarding other trading partners.
De Beers reported that consumer demand for natural diamond jewellery remained stable in the US and broadly stable in other global markets. The midstream sector continued to face pressure due to increased costs and limited pricing flexibility.
Executive Leadership Changes
De Beers announced that Chief Operating Officer Burger Greeff will retire at the end of 2025 after over 30 years with the company. Kevin Smith, currently Executive Vice President of Corporate Affairs and Strategy, will become interim COO effective 1 December. Eirik Waerness, Senior Vice President and Chief Economist, will assume Smith’s role in an acting capacity.
This follows the previously announced departure of Feriel Zerouki, who is leaving the business after 18 years.
