De Beers has reported an 88-percent surge in second-quarter rough diamond production, recovering 7.8 million carats as key operations recovered from previous maintenance shutdowns and tapped higher-grade ore in Botswana and Canada.
However, the dramatic output spike belies a darkening commercial picture for the mining giant. Sales revenue across its second-quarter "sights" plummeted 44 percent year-on-year to US$665 million, driven by soft global demand, macroeconomic headwinds, and persistent competition from synthetic lab-grown diamonds in price-sensitive segments. Consequently, the company's consolidated average realised price dropped 32 percent to US$105 per carat across the first half of 2026.
Operating momentum is also set to reverse sharply in the second half of the year. Scheduled plant maintenance at the flagship Orapa and Jwaneng mines in Botswana will substantially curtail output, while a cost-cutting production pause at South Africa's Venetia mine will further damp volume. De Beers nevertheless maintained its full-year guidance at 21 to 26 million carats, pledging to calibrate output with prevailing market demand.
The operational update comes at a pivotal juncture for the producer, as parent company Anglo American advances the sale of its 85-percent stake in De Beers. With a consortium led by former chief executive Gareth Penny tipped as the frontrunner, market observers remain focused on whether the Botswana government—which holds the remaining 15 percent—will exercise its right of first refusal. (Photo courtesy: De Beers)
14-09-2026
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