De Beers Group released its production update for the second quarter of 2025, reporting rough diamond output of 4.1 million carats, down 36% from the 6.4 million carats recorded in Q2 2024, reflecting the miner’s planned production response to the prolonged period of lower demand.
Botswana, which contributes more than half of De Beers’ output, saw a substantial drop of 44% to 2.6 million carats as operations adjusted to trim inventories, a trend that began in Q4 2024. Namibia and Canada likewise reported lower figures, with decreases of 5% (to 535,000 carats) and 46% (to 361,000 carats), respectively, linked to maintenance and targeted processing of lower-grade ore. South Africa bucked the trend, with a 17% year-over‑year increase to 592,000 carats spurred by the shift to underground mining at Venetia.
De Beers attributed the ongoing production cutbacks to a slowdown in the midstream market, marked by cautious buying behaviour and elevated polished diamond inventories. The company had earlier revised its full‑year 2025 production guidance sharply down to 20-23 million carats, compared to the original range of 30-33 million carats.
The reduced output follows a challenging 2024, when De Beers reported full-year production of roughly 24.7 million carats, about 22% lower than the previous year, and a fourth-quarter drop of 26% to 5.8 million carats. A modest recovery in average realised prices (+3%) was overshadowed by a 20% decline in the diamond price index.