In Q3 2025 production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng in Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter of 2025.
In Botswana, production increased by 51% to 6.0 million carats. In the comparative period there was one month of plant maintenance at Jwaneng, whereas the plant was fully operational in Q3 2025. In addition, given that extended plant maintenance is planned for the entirety of Q4 2025, higher grade ore was processed at Jwaneng in the third quarter. Orapa resumed operations after a planned extended plant maintenance shut in Q2 2025.
The 3Q report said, production in Namibia was flat at 0.5 million carats. In South Africa, production increased by 28% to 0.7 million carats, reflecting the processing of increased volumes of higher-grade underground ore.
Production in Canada decreased by 15% to 0.5 million carats due to planned treatment of lower-grade ore.
Rough diamond trading conditions continued to be challenging during the third quarter. The improvement in rough diamond demand seen during the first half of 2025 was undermined by new US tariffs on diamond imports from India.
India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond jewellery. There was a positive development in September, when the US included natural diamonds to its Tariff Annex III list making them eligible for tariff exemptions for countries with trade agreements.
The EU has subsequently secured these exemptions and the industry awaits the outcome of potential agreements with other countries. Consumer demand for natural diamond jewellery remained stable in the US and broadly stable globally.
Rough diamond sales from two Sights in Q3 2025 totalled 5.7 million carats (4.6 million carats on a consolidated basis) reflecting continued stock rebalancing initiatives with specific assortments being sold at lower margins. This generated consolidated rough diamond sales revenue of $700 million. In comparison, one Sight in Q3 2024 recorded sales of 2.1 million carats (1.7 million carats on a consolidated basis), with consolidated rough diamond revenue of $213 million.
The year to date consolidated average realised price decreased by 3% to $155/ct, reflecting the impact of a 14% decrease in the average rough price index, partially offset by strong demand for higher value stones impacting the sales mix in Q2 and Q3 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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