SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 SourcingJul 31, 2025
De Beers Records $189M First-Half Loss
The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
De Beers Group said the natural diamond market remained challenging in the first half of the year, with sales and production down.
London—De Beers Group took a loss in the first half of 2025 after it cut rough diamond prices by a significant amount in the second quarter in order to move goods.
The diamond miner and marketer’s H1 results were released Thursday as part of the first-half report for parent company Anglo American, which is in the process of offloading the De Beers business.
De Beers mined 10.2 million carats of diamonds in the first half of 2025, a 23 percent drop from 13.3 million in the prior-year period that reflects the company’s deliberate pullback on mining in light of the decline in demand.
Production fell 26 percent in De Beers’ top-producing country, Botswana, while production was down 43 percent in Canada.
It was flat year-over-year in Namibia and South Africa. De Beers said production in South Africa, where it operates just one mine now, is expected to increase over the next few years as operations ramp up in the underground portion of Venetia.
The company cut its full-year production forecast to 20 million-23 million carats (previously 30 million-33 million) early in the year, and that guidance remains unchanged through the first half of 2025.
First-half revenue totaled $1.95 billion, down 13 percent from $2.25 billion in first half of 2024, as rough diamond sales dropped 13 percent due to “subdued” demand and a decline in rough diamond prices.
The consolidated average realized price for rough diamonds was down 5 percent, from $164/carat in H1 2024 to $155/carat this year.
Declining prices and the impact of “stock rebalancing initiatives,” meaning assortments that were sold at lower margins in order to move out-of-balance goods purchased when prices were higher, pushed De Beers into the red in H1 2025.
The company recorded an underlying EBITDA loss of $189 million, compared with income of $300 million in the first half of 2024.
De Beers also noted that the first half of 2024 benefited from the one-off sale of an iron ore royalty right related to the Onslow Iron project in West Pilbara, Australia.
Related stories will be right here …
The diamond miner and marketer’s H1 results were released Thursday as part of the first-half report for parent company Anglo American, which is in the process of offloading the De Beers business.
De Beers mined 10.2 million carats of diamonds in the first half of 2025, a 23 percent drop from 13.3 million in the prior-year period that reflects the company’s deliberate pullback on mining in light of the decline in demand.
Production fell 26 percent in De Beers’ top-producing country, Botswana, while production was down 43 percent in Canada.
It was flat year-over-year in Namibia and South Africa. De Beers said production in South Africa, where it operates just one mine now, is expected to increase over the next few years as operations ramp up in the underground portion of Venetia.
The company cut its full-year production forecast to 20 million-23 million carats (previously 30 million-33 million) early in the year, and that guidance remains unchanged through the first half of 2025.
First-half revenue totaled $1.95 billion, down 13 percent from $2.25 billion in first half of 2024, as rough diamond sales dropped 13 percent due to “subdued” demand and a decline in rough diamond prices.
The consolidated average realized price for rough diamonds was down 5 percent, from $164/carat in H1 2024 to $155/carat this year.
Declining prices and the impact of “stock rebalancing initiatives,” meaning assortments that were sold at lower margins in order to move out-of-balance goods purchased when prices were higher, pushed De Beers into the red in H1 2025.
The company recorded an underlying EBITDA loss of $189 million, compared with income of $300 million in the first half of 2024.
De Beers also noted that the first half of 2024 benefited from the one-off sale of an iron ore royalty right related to the Onslow Iron project in West Pilbara, Australia.
Looking at individual markets, De Beers said that overall rough diamond trading conditions have remained “challenged” so far this year.
There is a surplus of polished diamond inventory in the midstream (cutters and polishers/traders), and both midstream and downstream (designers/retailers) players are taking a cautious approach to buying amid the general uncertainty.
As the company noted last week when releasing its Q2 production report, polished diamond prices began to stabilize in the first quarter of 2025 and trading improved, but that momentum was lost in the second quarter as President Donald Trump’s tariff announcement created “increased uncertainty.”
De Beers said consumer demand for diamond jewelry was “broadly stable” in the first half of the year.
In the United States, it’s held steady, though De Beers noted that the full impact of the tariffs has yet to be realized.
In India, diamond sales grew by double-digits while the sales decline in China appears to be slowing and demand remains “robust” in Japan and the Gulf.
De Beers also gave brief updates on its individual business units.
It said that De Beers Jewellers, its retail chain that rebranded as De Beers London at the beginning of the year, opened a flagship store in the Dubai Mall in partnership with luxury goods retail giant Chalhoub Group in April.
Plans are underway to open a De Beers London flagship store in Paris.
Forevermark, which is transitioning from a diamond brand to a finished jewelry brand with a focus on India, plans to open four new stores in Mumbai and Delhi during the second half of the year, while it continues to wind down its legacy business globally.
Though De Beers did not mention Lightbox in its first-half report, the lab-grown diamond brand—launched in 2018 in a bid to regulate prices and create differentiation from natural diamonds—is nearing its end.
As of press time Thursday morning, the Lightbox website was advertising its “Farewell Sale,” set to end today, with prices up to 85 percent off.
It appeared to only have five styles left, with prices ranging from $70 to $1,040.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
