De Beers reported an 11% year-on-year drop in rough diamond production in Q1 2025, totalling 6.1 million carats. The decline is attributed to a continued response to sluggish global demand, with operations in Canada and South Africa seeing the steepest drops at 40% and 19%, respectively.
Botswana saw an 8% production decline in Q1 to 4.6 million carats, largely due to planned reductions. De Beers signed a new long-term sales agreement with the Government of Botswana in Q1, signalling strategic alignment for the future.
Rough diamond sales for the quarter amounted to 4.7 million carats, generating $520 million in revenue—down 44% from $925 million a year earlier. The average realised price fell sharply to $124 per carat, a 38% drop, due to changes in sales mix and a 15% fall in the De Beers price index.
De Beers continues to manage output cautiously while pursuing a dual-track process to divest or demerge from Anglo American, which is undergoing a broader portfolio simplification.
Looking ahead, De Beers maintains its 2025 production guidance of 20–23 million carats, with continued flexibility to adjust in line with market conditions.