De Beers Group reported a significant year-on-year drop in rough diamond output for the second quarter of 2025, producing just 4.1 million carats—down 36% from 6.4 million carats in the same period last year. The steep decline reflects the company’s continued effort to scale back operations amid sluggish global demand.
Production in Botswana, De Beers’ largest source of diamonds, declined sharply by 44% to 2.6 million carats as the company deliberately reduced mining activity to manage inventory levels. This strategic slowdown began in late 2024 in response to a persistent market downturn.
Elsewhere, Namibia and Canada also recorded lower production. Namibia’s output slipped 5% to 535,000 carats, while Canadian operations saw a dramatic 46% fall to 361,000 carats, both impacted by planned maintenance and a focus on lower-grade ore processing.
South Africa, however, stood out as the exception. Its production rose 17% to 592,000 carats, driven by the ramp-up of underground operations at the Venetia mine.
De Beers linked the production cuts to continued weakness in the midstream segment of the diamond market, characterized by conservative buying and an oversupply of polished stones. As a result, the company slashed its 2025 full-year production forecast to between 20 and 23 million carats—well below its original target of 30 to 33 million.
The Q2 figures follow a difficult 2024 for the miner, when annual output fell to approximately 24.7 million carats, a 22% decline from the prior year. The fourth quarter alone saw a 26% drop to 5.8 million carats. Although the average price per carat inched up by 3%, that gain was overshadowed by a 20% dip in the overall diamond price index.
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