Facing a prolonged slump in diamond demand and declining prices, De Beers has trimmed its 2025 production forecast to between 20 and 23 million carats, down from an initial range of 30 to 33 million carats. 

According to its quarterly report published on April 24, De Beers’ consolidated diamond sales in Q1 2025 totaled $520 million, down 44% compared to $925 million in Q1 2024.

De Beers reported selling 4.7 million carats of rough diamonds in its two regular sales during the first quarter of 2025, slightly below the 4.9 million carats sold in the same period last year. The average consolidated price dropped sharply by 38% to $124 per carat, a decline the company attributes to a shift in sales mix, inventory rebalancing, and a 15% fall in the average rough price index. This downturn comes amid persistent global weakness in diamond demand. 

In response, De Beers has cut its 2025 production forecast to between 20 and 23 million carats, down from the 30 to 33 million carats initially projected. Production in the first quarter fell 11% year-over-year to 6.1 million carats, signaling the company’s cautious approach. 

Adding to the market pressures, the diamond trading platform Uni Diamonds report that new U.S. tariffs under the Trump administration have dampened consumer confidence, with industry experts warning that these policies will likely affect prices, demand, and supply in the coming months.

This unfolding situation must be viewed within the broader context of the ongoing separation between De Beers and its parent company, Anglo American. While the full impact of current market challenges on this strategic split remains unclear, questions linger over whether these difficulties could delay or alter the planned $6 billion investment to expand the Jwaneng mine in Botswana.

This article was initially published in French by Aurel Sèdjro Houenou

Edited in English by Ange Jason Quenum