De Beers Group reported a sharp 35% decline in diamond production for the fourth quarter of 2025, primarily due to maintenance shutdowns at its most profitable mines, Jwaneng and Orapa.
In its final quarterly report for the year, the diamond mining major revealed it recovered 3.78 million carats between October and December, down from 5.83 million carats during the same period in 2024. The company has also slashed its production forecast for 2026 as it struggles with a “challenging” global market.
The production drop was most pronounced in Botswana, De Beers’ largest mining hub. Output there plummeted by 56% to 1.88 million carats. Jwaneng, often cited as the world’s richest diamond mine by value, remained offline for the entire quarter. Meanwhile, the Orapa mine conducted a maintenance shutdown in October.
The company stated that these shutdowns were part of a “production response to market conditions,” allowing for essential maintenance while preventing further inventory buildup during a period of sluggish demand.
Other regions also saw declines. Namibia’s production fell 21% to 0.5 million carats due to scheduled maintenance on its offshore mining fleet. South Africa’s output at the Venetia mine dipped 10% to 0.5 million carats, while Canada was the lone bright spot where the Gahcho Kué mine witnessed production more than doubling to 949,000 carats as workers accessed higher-grade ore.
While overall production fell, De Beers managed to increase its sales volume by offloading inventory. Rough diamond sales for the quarter totalled 5.9 million carats, generating $571 million in revenue, up from $543 million in Q4 2024. However, the average price per carat realised over the full year fell 7% to $142, reflecting a 12% drop in the rough price index and a surplus of lower-value stones in the sales mix.
The prolonged downturn has prompted parent company Anglo American to warn of a potential third impairment of De Beers’ value in three years. Anglo, which is currently in the process of divesting its 85% stake in the diamond giant, noted that De Beers is expected to be loss-making for the 2025 financial year.
In response to “persistent industry, geopolitical, and tariff uncertainty,” De Beers has lowered its 2026 production guidance to 21-26 million carats, down from its previous estimate of 26-29 million carats. “We continue to monitor trading conditions closely to align our output with prevailing demand,” the company said in a statement.