De Beers reported an improved financial performance for the first half of 2026, significantly reducing its operating losses despite a steep decline in rough diamond prices. Increased production, stronger sales volumes and disciplined cost management helped the miner mitigate the impact of softer market conditions.
For the six months ended 30 June 2026, the company posted revenue of US$1.58 billion, down 19% from US$1.95 billion in the corresponding period of 2025. The decline was largely attributed to lower realised prices for rough diamonds, although operational efficiency improved during the period.
De Beers’ underlying EBITDA loss narrowed to US$113 million, compared with US$189 million a year earlier, while the underlying EBIT loss improved from US$303 million to US$209 million. The company’s EBITDA margin also strengthened to -7%, compared with -10% in the previous year.
The average realised price of rough diamonds dropped 32% to US$105 per carat, reflecting a weaker sales mix and a 16% decline in the average rough diamond price index following inventory-balancing measures introduced in 2025.
Operationally, however, De Beers delivered stronger results. Rough diamond production increased 46% to 14.9 million carats, while sales volumes climbed 13% to 12.4 million carats, supported by improved supply availability and healthier trading activity. At the same time, the company reduced unit production costs by 26% to US$64 per carat, while capital expenditure was cut by approximately one-third to US$115 million, reinforcing its focus on financial discipline.
During the second quarter alone, De Beers sold 6 million carats of rough diamonds, generating US$665 million in revenue. Although sales volumes remained relatively stable compared with the same period last year, revenue was substantially lower than the US$1.2 billion recorded in the second quarter of 2025, highlighting the ongoing pressure on rough diamond prices.
Looking ahead, De Beers has maintained its 2026 production guidance of 21–26 million carats. The company noted that scheduled maintenance at its Orapa and Jwaneng mines, together with the proposed temporary production pause at the Venetia mine in South Africa, are expected to reduce output during the second half of the year. It also reaffirmed its unit cost guidance of approximately US$80 per carat for 2026.
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