De Beers Group reduced rough diamond production by 11% year-on-year to 6.8 million carats in the third quarter of 2026, citing planned maintenance in Botswana and a slowdown at its Venetia mine in South Africa ahead of a two-year production pause.
The company reported improved trading conditions during the quarter, with a more balanced supply-demand landscape and stronger consumer demand in the US and India. However, lab-grown diamonds continued to weigh on demand for lower-value natural diamonds, particularly in price-sensitive categories.
Production in Botswana fell 20% to 4.8 million carats, primarily due to planned maintenance at the Orapa mine. South African output declined 37% to 418,000 carats as Venetia reduced operations ahead of its planned pause. Namibia recorded an 8% increase to 495,000 carats, while Canadian production more than doubled to 1.06 million carats, supported by the processing of higher-grade ore at Gahcho Kué.
De Beers assumed full ownership of Gahcho Kué on 16 October following the enforcement of security over Mountain Province Diamonds’ 49% interest. The company will report 100% of the mine’s production and sales from the fourth quarter, increasing its attributable figures without changing global diamond supply.
Rough diamond sales revenue reached $731 million in the third quarter, up 4% from $700 million a year earlier. Consolidated sales volumes rose 91% to 8.7 million carats, compared with 4.6 million carats in the year-ago quarter.
Despite the improvement in quarterly sales, the year-to-date average realised price fell 37% to $97 per carat. This reflected an 18% decline in the average rough diamond price index and a shift in sales mix compared with the previous year, when a higher proportion of higher-value goods had been sold.
De Beers revised its 2026 production guidance to 25-28 million carats, from the previous range of 21-26 million carats, following the change in ownership at Gahcho Kué. Unit cost guidance was also reduced to approximately $70 per carat from $80.
The company said it would continue monitoring rough diamond trading conditions and adjust production to prevailing demand.