De Beers Posts $245 Million H1 Loss, Plans to Boost Diamond Output as Market Recovery Looms
De Beers has reported a $245 million loss for the first half of 2025, reflecting ongoing challenges in the global diamond market.
The downturn contrasts with a $73 million profit during the same period last year.
The loss stems in part from the company selling rough diamonds at lower margins to select sightholders in an effort to reduce inventory levels.
Despite this, De Beers remains optimistic about the market’s medium-term prospects and plans to scale up production over the coming years.
The miner reaffirmed its 2025 production forecast of 20 to 23 million carats. Looking ahead, De Beers expects output to increase to between 26 million and 29 million carats in 2026, and further rise to 28 million to 31 million carats by 2027.
“Medium-term recovery prospects are supported by producers adjusting supply in line with demand, and a gradual rebound in global markets—particularly in China,” the company said.
De Beers also noted growing consumer awareness of the low production costs associated with lab-grown diamonds, which has led to a market shift positioning them as low-cost fashion jewelry.
Meanwhile, demand for natural diamonds remains strong, particularly those with verified provenance.
For the first half of 2025, rough diamond sales declined 13% year-on-year to $1.7 billion. Sales volume dropped 8% to 11 million carats, and the average selling price fell 5% to $155 per carat.
While demand for higher-value stones provided some cushion in the second quarter, the average rough price index still fell by 14%.
Production also declined, dropping 23% to 10.2 million carats, as the company scaled back mining operations due to subdued demand and elevated midstream inventories.
In Botswana, output decreased 26% to 7.2 million carats following planned lower production at Jwaneng and extended maintenance at Orapa.
South African output held steady at 1.1 million carats as the Venetia mine continued transitioning to underground operations.
Canadian production fell sharply by 43% to 750,000 carats due to the processing of lower-grade ore.
De Beers’ parent company, Anglo American, confirmed that plans to divest the diamond miner are progressing.
However, it noted that uncertainties remain regarding the structure, terms, and regulatory approvals of any potential transaction. As of June 30, 2025, De Beers had not yet met the criteria to be classified as “held for sale.”
