De Beers reports strong Q2 2026 production despite challenging market conditions

De Beers Group has announced its Production Report for the second quarter of 2026, highlighting an 88% increase in rough diamond output to 7.8 million carats, driven by strategic mining activities and maintenance schedules across key operations.

The significant production growth reflects the extended maintenance shutdown during the comparative period at Orapa in Botswana, as well as the planned mining of higher-grade ore at Jwaneng in Botswana and Gahcho Kué in Canada. However, upcoming planned plant maintenance at Orapa and Jwaneng later this year is expected to reduce production rates substantially.

Regional production highlights

• Botswana: Production rose to 5.5 million carats, boosted by the delayed maintenance at Orapa and optimized extraction of higher-grade ore at Jwaneng.
• Namibia: Output remained steady at 0.5 million carats, balancing the retirement of the Coral Sea vessel and maintenance of the Mafuta vessel with mining in higher-grade areas at Namdeb.
• South Africa: Venetia saw an increase to 0.7 million carats due to higher volumes of underground ore processed, although a production pause is planned for the second half of 2026.
• Canada: Production climbed to 1.0 million carats, benefiting from processing higher-grade ore from a new mining area at Gahcho Kué.

Trading and market conditions

The first half of 2026 presented challenging trading conditions, influenced by geopolitical tensions in the Middle East and ongoing macroeconomic uncertainties. Demand for lower-value natural diamonds faced pressure from synthetic lab-grown alternatives, while stronger pricing for higher-value stones helped stabilize the overall price index.

The consolidated average realized price for H1 2026 fell by 32% to $105 per carat, impacted by a sales mix with a higher proportion of lower-value goods and a 16% decrease in the average rough price index, which now factors in 2025’s stock rebalancing actions.

In Q2 2026, rough diamond sales totaled 7.1 million carats (6.0 million on a consolidated basis) across three Sights, generating $665 million in consolidated revenue. This compares to 7.6 million carats (6.8 million consolidated) and $1.2 billion revenue during the same period last year.

Outlook for 2026

De Beers maintains its full-year production guidance at 21 to 26 million carats, anticipating the impact of planned maintenance at Orapa and Jwaneng, and the proposed production pause at Venetia in the latter half of the year. The company continues to monitor trading conditions closely to align its output with market demand.

De Beers remains committed to optimizing production and navigating market challenges to deliver value to its stakeholders throughout 2026.