DeBeers said, rough diamond trading conditions remained challenged in the first half of 2025. Improved industry sentiment at the end of the first quarter led to stabilisation of polished diamond prices. But uncertainty surrounding U.S. tariffs announced in April subsequently slowed polished trading. In contrast to the ongoing challenging trading conditions, consumer demand for diamond jewellery remained broadly stable in the first half of the year.
According to DeBeers, rough diamond sales from three Sights in Q2 2025 totalled 7.6 million carats, benefitting from stock rebalancing initiatives with specific assortments being sold at lower margins (6.8 million carats on a consolidated basis), generating consolidated rough diamond sales revenue of $1,185 million.
This compared with three Sights in Q2 2024 of 7.8 million carats (7.3 million carats on a consolidated basis), generating consolidated rough diamond revenue of $1,039 million. Accordingly, we expect to report negative underlying EBITDA for De Beers in the first half of 2025.
The H1 2025 consolidated average realised price decreased by 5% to $155/ct, reflecting the impact of a 14% decrease in the average rough price index, partially offset by stronger demand for higher-value stones impacting the sales mix in Q2 2025. The average rough price index does not reflect the impact of rebalancing initiatives.
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. Unit cost guidance for 2025 is unchanged at c.$94/carat.
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