Rough diamond output fell 11% year-on-year to 6.1 million carats during the quarter, with the steepest declines seen in Canada and South Africa—down 40% and 19%, respectively. Botswana, the company's largest producer, also recorded an 8% drop to 4.6 million carats, attributed primarily to planned production cuts.
Despite the contraction, De Beers reinforced its long-term commitment in Botswana by signing a new sales agreement with the government during the quarter—a move viewed as a strategic pivot to strengthen future operations.
Sales figures reflected the industry-wide slowdown. De Beers sold 4.7 million carats in Q1, generating $520 million in revenue—a sharp 44% decline from $925 million in the same period last year. The average realised price per carat also took a hit, falling 38% to $124, impacted by a shift in the sales mix and a 15% drop in the De Beers price index.
The company is maintaining a cautious approach to production and sales amid ongoing market uncertainty. De Beers also continues to explore a potential divestment or demerger from parent company Anglo American, which is pursuing a broader corporate restructuring.
Despite the subdued first quarter, De Beers has kept its full-year production guidance unchanged at 20 to 23 million carats, with flexibility to adjust based on how market conditions evolve.
