De Beers has reported a 44 per cent fall in rough diamond sales revenue for the first quarter of 2025, according to figures released by its parent company, Anglo American. The miner sold 4.7 million carats across its first two sights of the year, generating $520 million, compared to $925 million from 4.6 million carats in the same period of 2024. The average price per carat declined by 38 per cent to $124.
Sales and Pricing Trends
The decline in average price reflects a combination of a 15 per cent drop in De Beers’ rough diamond price index, a shift in the sales mix towards lower-value goods, and stock rebalancing initiatives. De Beers attributed the subdued demand to excess inventory of loose polished diamonds and a cautious approach to restocking by the midstream sector.
In a statement, Anglo American said: “While there were signs of loose polished diamond prices stabilising towards the end of the quarter, lifting industry confidence, ongoing macroeconomic uncertainty, in particular the impact of US tariffs, will likely result in continued cautious Sightholder purchases in the near term.”
Production Performance
De Beers’ rough diamond production fell by 11 per cent year-on-year to 6.1 million carats during the quarter. Output in Canada recorded the largest decline, dropping 40 per cent to 389,000 carats due to the planned processing of lower-grade ore. In South Africa, production fell 19 per cent to 483,000 carats, impacted by changes to shift patterns and temporary operational disruptions caused by heavy rainfall and flooding. In Botswana, production declined by 8 per cent to 4.6 million carats, reflecting pre-set plans to lower output.
Despite the fall in sales and production, Anglo American confirmed that De Beers’ full-year production guidance remains unchanged at 20 to 23 million carats.
