De Beers Lifts 2026 Diamond Output Guidance to 28 Million Carats After Taking Full Control of Gahcho Kué
De Beers reported an 11% year-on-year decline in rough diamond production to 6.8 million carats in the third quarter of 2026, as planned maintenance at its Orapa mine in Botswana and reduced output at Venetia in South Africa weighed on performance.
Despite the decline, the diamond producer raised its full-year production guidance to between 25 million and 28 million carats, from the previous forecast of 21 million to 26 million carats, following its assumption of full ownership of Canada’s Gahcho Kué mine.
In Botswana, production fell to 4.8 million carats due to planned maintenance at Orapa. Further maintenance at Jwaneng in the fourth quarter is expected to reduce output.
Production in Namibia remained stable at approximately 500,000 carats, while South African output declined to 400,000 carats as Venetia reduced operations ahead of a planned two-year production pause. No further diamond production is expected from Venetia during 2026.
In Canada, production increased to 1.1 million carats, supported by the processing of higher-grade ore at Gahcho Kué.
De Beers Assumes Full Ownership of Gahcho Kué
De Beers assumed full ownership of Gahcho Kué on October 16, 2026, following the enforcement of security over Mountain Province Diamonds’ 49% interest in the joint operation.
The company previously reported its 51% share of the mine’s production. It will now report 100% of Gahcho Kué’s production and sales, increasing its attributable output without adding to global diamond supply.
De Beers also lowered its 2026 unit cost guidance to approximately US$70 per carat, from the previous estimate of US$80 per carat.
The revision reflects the increased contribution from Gahcho Kué, the planned pause at Venetia and continued cost-control measures.
Diamond Market Shows Signs of Stability
De Beers said rough diamond trading conditions showed signs of stabilisation during the third quarter, supported by a more balanced supply-demand environment and improved consumer demand in the United States and India.
However, lab-grown diamonds continued to put pressure on demand for lower-value natural diamonds, particularly in more price-sensitive market segments.
The company’s year-to-date consolidated average realised price fell by 37% to US$97 per carat, reflecting an 18% decline in its average rough diamond price index and changes in the sales mix.
Rough diamond sales reached 9.8 million carats across two sales events during the quarter, generating consolidated revenue of US$731 million.
This compared with sales of 5.7 million carats and revenue of US$700 million in the corresponding period of 2025.
De Beers said it would continue monitoring market conditions and adjusting production to align output with prevailing demand.
