Revenue fell 13% to $1.95 billion, while the average price per carat slid to $155. Parent company Anglo American continues efforts to divest De Beers amid challenging market conditions. (Image Source: Stocks)
De Beers Group slipped into the red in the first half of 2025, posting an underlying EBITDA loss of $189 million, as soft demand for rough diamonds and significant price cuts took a heavy toll on earnings. The results were published Thursday as part of the H1 report of Anglo American, the diamond giant’s parent company, which is in the process of divesting the business.
The downturn marks a sharp reversal from the same period in 2024, when De Beers reported a $300 million profit, a performance then buoyed by a one-time sale of an iron ore royalty right in Australia.
The miner and marketer produced 10.2 million carats of diamonds in H1 2025, down 23% from 13.3 million carats a year earlier. The drop reflects a deliberate scale-back in production as the company grappled with weakened demand across global markets.
Production remained flat in Namibia and South Africa, though output in the latter is expected to rise in coming years as underground mining operations ramp up at the Venetia mine
The group had already revised its full-year production guidance earlier this year to 20–23 million carats, a steep cut from its original estimate of 30–33 million carats. That forecast remains unchanged.
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Revenue in the first six months of 2025 stood at $1.95 billion, a 13% drop from $2.25 billion in the same period last year.
De Beers cited “subdued demand” and a dip in rough diamond prices as key contributors to the revenue decline. The average realized price per carat fell from $164 in H1 2024 to $155 this year—a 5% drop.
To move out-of-balance stock purchased at earlier high prices, the company undertook “stock rebalancing initiatives,” selling rough assortments at lower margins. Even though these steps were required to stabilize inventory, they had a big effect on profitability.
Parent company Anglo American reiterated in May that it plans to divest De Beers as part of a broader portfolio restructuring. While details of the sale or spin-off remain pending, the ongoing weakness in De Beers’ core markets may weigh on its valuation and future direction.
