De Beers' Revenue Down 44% from First Two Sights
April 24, 25
(IDEX Online) - De Beers' revenue from rough sales at its first two sights of 2025 fell 44 per cent, and average per carat prices were down by 38 per cent.
The UK-based miner sold 4.2m carats for $520m in the first quarter, compared to 4.6m carats for $925m in the same period last year.
The fall in prices to $124 per carat, was due to a 15 per cent drop in the average rough price index, as well as a change in sales mix and stock rebalancing, according to parent company Anglo American.
It said US consumer demand for diamond jewelry over the year-end holiday season was in line with expectations, but first-quarter demand for rough hadn't caught up.
In its Production Report, published today (24 April) Anglo said: "While there were signs of loose polished diamond prices stabilising towards the end of the quarter, lifting industry confidence, ongoing macroeconomic uncertainty, in particular the impact of US tariffs, will likely result in continued cautious Sightholder purchases in the near term.
"We continue to manage the business to preserve cash while maintaining underlying value."
Overall rough diamond production was down 11 per cent to 6.1m carats during the quarter, year-on-year, in response to lower demand.
Production in Canada fell by 40 per cent, due to planned treatment of lower grade ore.
Anglo said, however, that production guidance for this year remained unchanged at 20m to 23m carats.