De Beers swung to a deeper operating loss in 2025 as weaker rough prices, inventory write-downs and a structural shift toward laboratory-grown stones weighed on earnings, even as sales volumes recovered.
The company’s latest financial statements shows that its production fell 12 per cent to 21.7 million carats, reflecting deliberate output cuts to match subdued demand . Botswana, which accounts for the bulk of group output, saw production decline 16 per cent to 15.1 million carats following planned reductions at Orapa and lower volumes at Jwaneng .
Revenue edged up to $3.5 billion from $3.3 billion, supported by a 17 per cent increase in consolidated rough sales volumes to 20.9 million carats . But higher volumes failed to offset price pressure. The average realised price fell 7 per cent to $142 per carat, while the underlying rough price index dropped 12 per cent . Including stock rebalancing initiatives, the effective price decline was closer to 25 per cent .
The result was an underlying EBITDA loss of $511 million, compared with a $25 million loss in 2024 . Trading losses linked to selling previously higher-priced inventory into a weaker market totalled $424 million .
Unit costs fell 8 per cent to $86 per carat, while capital expenditure was cut 34 per cent to $353 million as the group rephased projects and tightened cash preservation .
Anglo American recognised a further $2.3 billion impairment on De Beers, citing lower long-term price forecasts and changing consumer preferences . A formal sale process remains under way, with production guidance for 2026 set at 21 to 26 million carats.