De Beers output surges even as diamond slump persists

Mining07-23 03:58

Diamond giant De Beers nearly doubled production of roughs in the second quarter as mines in Botswana, Canada and South Africa processed higher-grade ore, but weak demand and lower prices continued to...

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The increase reflected the impact of an extended maintenance shutdown at Botswana’s Orapa mine in the second quarter of 2025 and planned mining of higher-grade ore at Jwaneng in Botswana and the Gahcho Kué mine in Canada. \nBotswana production more than doubled to 5.5 million carats, while first-half output climbed 43% to 10.3 million carats. Production in Canada rose to 1 million carats as Gahcho Kué accessed a new higher-grade mining area, while South Africa’s Venetia mine increased output 24% to 700,000 carats by processing higher underground volumes.\nMarket pressures\nThe surge in second-quarter diamond production did little to improve De Beers’ fortunes as weak demand and lower prices continued to weigh on the market. \nThe company said geopolitical and macroeconomic uncertainty, including the conflict in the Middle East, continued to erode consumer confidence, while synthetic lab-grown diamonds pressured demand for lower-value natural stones.\nThe average realized price fell 32% year over year to $105 per carat in the first half, ,reflecting a higher proportion of lower-value stones in the sales mix as De Beers reduced inventories with a book value of $2 billion. \nThe average rough diamond price declined 16% amid geopolitical and macroeconomic uncertainty, including the conflict in the Middle East, while synthetic lab-grown diamonds continued to erode demand for lower-value natural stones. Stronger pricing for higher-value goods helped keep the overall average price index stable.\nSecond-quarter rough diamond sales fell 7% year over year to 7.1 million carats, while revenue dropped 44% to $665 million. For the first half, sales volumes increased 20% to 14.78 million carats, but revenue declined 23% to $1.31 billion.\nSale progresses\nThe results highlight the challenges facing De Beers as Anglo reshapes its portfolio ahead of the merger with Teck (TSX: TECK.A TECK.B, NYSE: TECK) through the planned separation of the diamond business.\nThe company said negotiations to sell its 85% stake in De Beers are continuing after selecting a preferred consortium led by former De Beers chief executive Gareth Penny. Botswana, which owns the remaining 15% of De Beers, is considering whether to exercise its right of first refusal and negotiate to increase its own stake.\nDe Beers also plans to halt production at the Venetia mine for two years beginning in the second half to reduce costs and delay spending, while maintaining full-year production guidance of 21 million to 26 million carats.\nAnglo also said it would continue monitoring rough diamond trading conditions and keep supply aligned with demand, leaving open the possibility of further production cuts if market conditions fail to improve.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653811724","isCrawlerRequest":true}