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De Beers’ Production Rises, Market Remains ‘Challenged’
De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
The Venetia diamond mine in South Africa, owned and operated by De Beers Group. Production at the mine increased 53 percent in the first quarter of 2026, from 483,000 carats to 740,000 carats, driving up De Beers’ overall output for the quarter.
London—Both sales and production rose at the start the year for De Beers Group, though the company continues to grapple with competition from lab-grown diamonds, falling prices for smaller goods, and geopolitical pressures.
De Beers reported its first-quarter results in tandem with parent company Anglo American, which is shopping De Beers but provided no further details on the pending sale Tuesday, stating only that it “continues to progress.”
Rough diamond production rose 17 percent year-over-year in Q1, reaching 7.1 million carats, primarily due to increased production in South Africa and Canada.
Output at the Venetia mine in South Africa was up 53 percent to 740,000 carats, with De Beers processing more ore from the now-underground mine.
At Gahcho Kué in Canada, production reached 1 million carats, more than double what it was a year ago, due to a planned ore release from a new area of the mine.
Production also was up in Botswana, rising 5 percent to 4.8 million carats compared with 4.6 million carats in Q1 2025. De Beers’ biggest producer by far, the country accounted for about 68 percent of the company’s total production in Q1.
The only country where production decreased in Q1 was Namibia. It fell 12 percent to 556,000 carats.
De Beers is conducting scheduled maintenance on two marine mining vessels there, and it took two other vessels out of service last year.
De Beers said Tuesday that production guidance for 2026 remains unchanged at 21-26 million carats, down from the previous forecast of 26-29 million carats.
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De Beers reported its first-quarter results in tandem with parent company Anglo American, which is shopping De Beers but provided no further details on the pending sale Tuesday, stating only that it “continues to progress.”
Rough diamond production rose 17 percent year-over-year in Q1, reaching 7.1 million carats, primarily due to increased production in South Africa and Canada.
Output at the Venetia mine in South Africa was up 53 percent to 740,000 carats, with De Beers processing more ore from the now-underground mine.
At Gahcho Kué in Canada, production reached 1 million carats, more than double what it was a year ago, due to a planned ore release from a new area of the mine.
Production also was up in Botswana, rising 5 percent to 4.8 million carats compared with 4.6 million carats in Q1 2025. De Beers’ biggest producer by far, the country accounted for about 68 percent of the company’s total production in Q1.
The only country where production decreased in Q1 was Namibia. It fell 12 percent to 556,000 carats.
De Beers is conducting scheduled maintenance on two marine mining vessels there, and it took two other vessels out of service last year.
De Beers said Tuesday that production guidance for 2026 remains unchanged at 21-26 million carats, down from the previous forecast of 26-29 million carats.
The diamond miner and marketer also reported an increase in rough diamond sales in the first quarter, though it noted the market “continued to be challenged due to ongoing industry, geopolitical, and tariff headwinds.”
Rough diamond sales totaled 7.7 million carats (6.4 million on a consolidated basis, meaning excluding the diamonds allocated to De Beers’ joint venture partners) from two sights, with consolidated rough diamond sales revenue of $648 million.
That is an increase from the two sights that took place in Q1 2025, when rough diamond sales totaled 4.7 million carats (4.2 million on a consolidated basis) and consolidated revenue reached $520 million.
Diamond prices took a hit in Q1, with the consolidated average realized price index sliding 19 percent to $101/carat, driven by a 17 percent decline in the average rough price index.
De Beers noted that the rough price index now includes the impact of “stock rebalancing,” its term for offloading excess inventory by selling less desirable rough diamonds at deeply discounted prices.
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