De Beers Q1 Production Up 17% to 7.1M Carats as Botswana, Canada and South Africa Drive Growth Despite Price Decline
Diamond producer De Beers reported a 17% year-on-year increase in rough diamond production to 7.1 million carats for the quarter ended March 31, driven mainly by planned ore releases at the Gahcho Kué mine in Canada and higher output from the Venetia underground mine in South Africa.
On a quarter-on-quarter basis, production surged by 88%, reflecting operational improvements across several sites, despite continued pressure from weak trading conditions and broader industry challenges, including geopolitical tensions and tariff-related uncertainty.
Regional production performance
In Botswana, output rose 5% year-on-year and jumped 156% quarter-on-quarter to 4.8 million carats.
The increase was primarily attributed to higher recovered grades at the Orapa mine, while production at Jwaneng remained broadly stable compared with the first quarter of 2025.
Namibia recorded a 12% year-on-year decline in production to 600,000 carats. The drop was linked to scheduled maintenance on two Debmarine Namibia vessels and the decommissioning of two vessels during 2025. However, output increased by 21% compared with the previous quarter.
In South Africa, Venetia mine production rose 53% year-on-year to 700,000 carats, supported by increased processing of underground ore. Production was also up 49% quarter-on-quarter.
Canada delivered production of 1 million carats, reflecting planned ore extraction from a newly developed area at the Gahcho Kué mine.
Sales and pricing
De Beers sold 7.7 million carats during the quarter across two sightholder sales, generating consolidated revenue of $648 million.
This compares with 4.7 million carats sold for $520 million in the same period last year.
Despite higher sales volumes, the average realised price fell 19% to $101 per carat. The decline was driven by a 17% drop in the average rough diamond price index and a sales mix skewed toward lower-value stones.
Outlook and corporate update
The company reaffirmed its full-year 2026 production guidance of 21 million to 26 million carats.
De Beers also reiterated that its parent company, Anglo American, continues to pursue plans to divest its stake in the diamond business as part of a broader portfolio restructuring strategy.
