Operational Performance:
Rough diamond production decreased by 11% to 6.1 million carats, reflecting the continued production response to the prolonged period of lower demand. In Botswana, production decreased by 8% to 4.6 million carats, as a result of the planned actions to lower production.
Production in Namibia is broadly unchanged, with planned actions to lower production at Debmarine Namibia offset by planned mining of higher-grade areas and better recoveries at Namdeb.
In South Africa, production decreased by 19% to 0.5 million carats, due to changes in shift configuration as well as the impact of the heavy rainfall and flooding in January 2025 which temporarily restricted access to the mining operations.
Production in Canada decreased by 40% to 0.4 million carats due to planned treatment of lower grade ore.
Trading Performance:
Consumer demand for diamond jewellery in the United States over the year-end holiday season was in line with expectations, however, rough diamond demand in the first quarter remained subdued as the midstream continued its cautious approach to restocking due to excess loose polished diamond inventory.
While there were signs of loose polished diamond prices stabilising towards the end of the quarter, lifting industry confidence, ongoing macroeconomic uncertainty, in particular the impact of US tariffs, will likely result in continued cautious Sightholder purchases in the near term. We continue to manage the business to preserve cash while maintaining underlying value.
Rough diamond sales from two Sights in Q1 2025 totalled 4.7 million carats (4.2 million carats on a consolidated basis) (1), generating consolidated rough diamond sales revenue of $520 million. This compared with two Sights in Q1 2024 of 4.9 million carats (4.6 million carats on a consolidated basis), generating consolidated rough diamond revenue of $925 million.
The consolidated average realised price decreased by 38% to $124/ct, reflecting the impact of a change in sales mix, stock rebalancing, as well as a 15% decrease in the average rough price index.
2025 Guidance:
1: Production guidance for 2025 is unchanged at 20–23 million carats (100% basis). De Beers continues to monitor rough diamond trading conditions and will respond accordingly.
2: Unit cost guidance for 2025 is unchanged at c.$94/carat.
3: Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis). 4: Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. 5: 3FX rate assumption for 2025-unit costs of c.18.60 ZAR: USD.
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