SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 SourcingJul 31, 2025
De Beers Records $189M First-Half Loss
The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
De Beers Group said the natural diamond market remained challenging in the first half of the year, with sales and production down.
London—De Beers Group took a loss in the first half of 2025 after it cut rough diamond prices by a significant amount in the second quarter in order to move goods.
The diamond miner and marketer’s H1 results were released Thursday as part of the first-half report for parent company Anglo American, which is in the process of offloading the De Beers business.
De Beers mined 10.2 million carats of diamonds in the first half of 2025, a 23 percent drop from 13.3 million in the prior-year period that reflects the company’s deliberate pullback on mining in light of the decline in demand.
Production fell 26 percent in De Beers’ top-producing country, Botswana, while production was down 43 percent in Canada.
It was flat year-over-year in Namibia and South Africa. De Beers said production in South Africa, where it operates just one mine now, is expected to increase over the next few years as operations ramp up in the underground portion of Venetia.
The company cut its full-year production forecast to 20 million-23 million carats (previously 30 million-33 million) early in the year, and that guidance remains unchanged through the first half of 2025.
First-half revenue totaled $1.95 billion, down 13 percent from $2.25 billion in first half of 2024, as rough diamond sales dropped 13 percent due to “subdued” demand and a decline in rough diamond prices.
The consolidated average realized price for rough diamonds was down 5 percent, from $164/carat in H1 2024 to $155/carat this year.
Declining prices and the impact of “stock rebalancing initiatives,” meaning assortments that were sold at lower margins in order to move out-of-balance goods purchased when prices were higher, pushed De Beers into the red in H1 2025.
The company recorded an underlying EBITDA loss of $189 million, compared with income of $300 million in the first half of 2024.
De Beers also noted that the first half of 2024 benefited from the one-off sale of an iron ore royalty right related to the Onslow Iron project in West Pilbara, Australia.
Related stories will be right here …
The diamond miner and marketer’s H1 results were released Thursday as part of the first-half report for parent company Anglo American, which is in the process of offloading the De Beers business.
De Beers mined 10.2 million carats of diamonds in the first half of 2025, a 23 percent drop from 13.3 million in the prior-year period that reflects the company’s deliberate pullback on mining in light of the decline in demand.
Production fell 26 percent in De Beers’ top-producing country, Botswana, while production was down 43 percent in Canada.
It was flat year-over-year in Namibia and South Africa. De Beers said production in South Africa, where it operates just one mine now, is expected to increase over the next few years as operations ramp up in the underground portion of Venetia.
The company cut its full-year production forecast to 20 million-23 million carats (previously 30 million-33 million) early in the year, and that guidance remains unchanged through the first half of 2025.
First-half revenue totaled $1.95 billion, down 13 percent from $2.25 billion in first half of 2024, as rough diamond sales dropped 13 percent due to “subdued” demand and a decline in rough diamond prices.
The consolidated average realized price for rough diamonds was down 5 percent, from $164/carat in H1 2024 to $155/carat this year.
Declining prices and the impact of “stock rebalancing initiatives,” meaning assortments that were sold at lower margins in order to move out-of-balance goods purchased when prices were higher, pushed De Beers into the red in H1 2025.
The company recorded an underlying EBITDA loss of $189 million, compared with income of $300 million in the first half of 2024.
De Beers also noted that the first half of 2024 benefited from the one-off sale of an iron ore royalty right related to the Onslow Iron project in West Pilbara, Australia.
Looking at individual markets, De Beers said that overall rough diamond trading conditions have remained “challenged” so far this year.
There is a surplus of polished diamond inventory in the midstream (cutters and polishers/traders), and both midstream and downstream (designers/retailers) players are taking a cautious approach to buying amid the general uncertainty.
As the company noted last week when releasing its Q2 production report, polished diamond prices began to stabilize in the first quarter of 2025 and trading improved, but that momentum was lost in the second quarter as President Donald Trump’s tariff announcement created “increased uncertainty.”
De Beers said consumer demand for diamond jewelry was “broadly stable” in the first half of the year.
In the United States, it’s held steady, though De Beers noted that the full impact of the tariffs has yet to be realized.
In India, diamond sales grew by double-digits while the sales decline in China appears to be slowing and demand remains “robust” in Japan and the Gulf.
De Beers also gave brief updates on its individual business units.
It said that De Beers Jewellers, its retail chain that rebranded as De Beers London at the beginning of the year, opened a flagship store in the Dubai Mall in partnership with luxury goods retail giant Chalhoub Group in April.
Plans are underway to open a De Beers London flagship store in Paris.
Forevermark, which is transitioning from a diamond brand to a finished jewelry brand with a focus on India, plans to open four new stores in Mumbai and Delhi during the second half of the year, while it continues to wind down its legacy business globally.
Though De Beers did not mention Lightbox in its first-half report, the lab-grown diamond brand—launched in 2018 in a bid to regulate prices and create differentiation from natural diamonds—is nearing its end.
As of press time Thursday morning, the Lightbox website was advertising its “Farewell Sale,” set to end today, with prices up to 85 percent off.
It appeared to only have five styles left, with prices ranging from $70 to $1,040.
More on Sourcing
The Latest
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
