• Production rises 17% to 7.1 million carats in Q1 2026

• Gains driven by Canada and South Africa operations

• Falling diamond prices continue to weigh on market outlook

De Beers produced 7.1 million carats of diamonds in the first quarter of 2026, a 17% increase from a year earlier. In an update released on April 28, the company said the higher output does not change its full-year guidance, which remains set between 21 million and 26 million carats.

The increase was largely driven by the opening of a new mining area at the Gahcho Kué mine in Canada and higher volumes processed at the underground Venetia mine in South Africa. Canadian production reached 1 million carats, up 163% year over year. In South Africa, Venetia delivered 0.7 million carats, a 53% increase.

Botswana, the group’s largest contributor, saw production rise 5% to 4.8 million carats, supported by higher ore grades at the Orapa mine. In Namibia, where diamonds are recovered offshore, output fell 12% to 0.6 million carats due to scheduled maintenance on two vessels and the impact of two ships withdrawn in 2025.

The production increase comes as the diamond market remains under pressure. De Beers said trading conditions continue to be challenging. In February, the company lowered its annual production target from a previous range of 26 million to 29 million carats.

Rough diamond sales reached $648 million in the first quarter, up from $520 million a year earlier. However, the average realized price dropped 19% to $101 per carat.

At the same time, Anglo American, De Beers’ parent company, is moving forward with a formal sale process, with an update expected later in 2026. The governments of Botswana, which already holds a 15% stake in De Beers, and Angola have both expressed interest in acquiring the 85% share held by the British mining group.

Emiliano Tossou