EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsSourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid Uncertainty
The company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
De Beers Group reported Thursday that its production was down 11 percent year-over-year in the first quarter of 2025 while rough diamond revenue dropped 44 percent year-over-year. (Photo courtesy of De Beers Group)
London—Sales and production both dropped for De Beers Group in the first quarter of 2025, as the general economic unease did nothing to stimulate an already sluggish diamond market.
De Beers reported Thursday that first-quarter production totaled 6.1 million carats, an 11 percent drop from the 6.9 million carats mined a year ago.
Production was down in three of the four countries where De Beers mines diamonds, dropping 8 percent in Botswana to 4.6 million carats, 19 percent in South Africa to 483,000 carats, and 40 percent in Canada to 389,000 carats.
The only exception was Namibia.
Production in the country was flat at 631,000 carats as planned mining of higher-grade areas and better recoveries on land offset the planned slowdown in mining by Debmarine Namibia, which mines diamonds at sea.
Related stories will be right here …
De Beers reported Thursday that first-quarter production totaled 6.1 million carats, an 11 percent drop from the 6.9 million carats mined a year ago.
Production was down in three of the four countries where De Beers mines diamonds, dropping 8 percent in Botswana to 4.6 million carats, 19 percent in South Africa to 483,000 carats, and 40 percent in Canada to 389,000 carats.
The only exception was Namibia.
Production in the country was flat at 631,000 carats as planned mining of higher-grade areas and better recoveries on land offset the planned slowdown in mining by Debmarine Namibia, which mines diamonds at sea.
Rough diamond sales from two sights in the first quarter totaled 4.7 million carats (4.2 million on a consolidated basis, which excludes rough sales by De Beers’ joint-venture partners), compared with 4.9 million carats (4.6 million carats on a consolidated basis) sold in the first two sights of 2024, a 4 percent year-over-year decline.
Consolidated rough diamond revenue from the first two sights of 2025 totaled $520 million, a 44 percent drop from the first two sights of 2024 ($925 million).
The consolidated average realized price declined by 38 percent to $124 per carat, reflecting the impact of a change in sales mix, stock rebalancing, and a 15 percent decrease in the average rough price index.
De Beers said U.S. consumer demand for diamond jewelry over the holiday season met expectations, but rough diamond demand was “subdued” to start the new year. Manufacturers were not looking to restock on rough because they still had plenty of loose polished diamonds.
“While there were signs of loose polished diamond prices stabilizing towards the end of the quarter, lifting industry confidence, ongoing macroeconomic uncertainty, in particular the impact of U.S. tariffs, will likely result in continued cautious sightholder purchases in the near term,” the company said.
“We continue to manage the business to preserve cash while maintaining underlying value.”
De Beers’ 2025 production guidance of 20 million-23 million carats remains unchanged.
The diamond miner and marketer’s most recent results were posted Thursday as part of parent company Anglo America’s first-quarter production report.
Anglo confirmed last year that it is looking to offload De Beers as part of a wider restructuring that will allow it to focus on mining metals that are used in “green” energy solutions.
On Thursday, Anglo Chief Executive Duncan Wanblad said the company continues to pursue either a demerger or divestment of De Beers, which it is “committed to completing at the right time and when market conditions allow.”
More on Sourcing
The Latest
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Weekly QuizSep 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
MajorsSep 21, 2026
Longtime Industry Executive Pamela Bernstein-Gulla to RetireBernstein-Gulla has been working in the jewelry industry for 40 years, most recently as chief engagement officer for Hill & Co.
IndependentsSep 21, 2026
Bhindi Jewelers Moves Into New, Larger California StoreThe relocated Glendale store, now at The Americana at Brand, was designed to be a contemporary “timepiece haven” inspired by luxury resorts.
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
AuctionsSep 18, 2026
Noonans To Auction Medieval Gold Seal Ring Recovered By 2 FriendsTwo metal detectorists discovered the ring, which may have belonged to English noblewoman Matilda of Lancaster, in Suffolk.
Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s DeskThe bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
Events & AwardsSep 17, 2026
This Is the Winner of the 2026 Robert M. Shipley AwardThe American Gem Society presented the annual award to a former president of its board.
CollectionsSep 17, 2026
Cynthia Erivo, Zoë Chicco’s Jewelry Collab Is an Ode to TransformationThe “Chrysalis” capsule centers butterfly motifs representing growth, transformation, and the unfolding of who you are.
Events & AwardsSep 17, 2026
Louisiana Retailer Kevin Patton Wins Lifetime Achievement AwardJewelers of Louisiana presented Patton, the third-generation president of Pattons Fine Jewelry, with the award at its annual convention.
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
