De Beers’ rough diamond production fell 11 percent year on year in the third quarter to 6.8 million carats, Anglo American reported, driven by planned plant maintenance at Orapa in Botswana and a wind down at Venetia in South Africa ahead of a planned two year production pause. Botswana output dropped 20 percent to 4.8 million carats, South Africa fell 37 percent to 418,000 carats with no further Venetia production expected in 2026, and Namibia was steady at 495,000 carats, up 8 percent year on year. Planned maintenance at Jwaneng in the fourth quarter is expected to cut Botswana production substantially again.
Canada moved the other way. Gahcho Kue production more than doubled to 1.1 million carats on planned processing of higher grade ore, and on October 16 De Beers assumed full ownership of the mine after enforcing security over Mountain Province Diamonds’ 49 percent interest. Mountain Province handed over its stake in exchange for release from partnership obligations including outstanding debts. De Beers will now report 100 percent of Gahcho Kue production and sales rather than 51 percent.
That consolidation, not new mining, is why De Beers raised 2026 production guidance to 25 to 28 million carats from 21 to 26 million, and cut unit cost guidance to about $70 a carat from about $80. Anglo was explicit that full ownership does not change global supply.
The trading picture is stabilising volumes at lower prices. Third quarter rough sales reached 9.8 million carats across two Sights for consolidated revenue of $731 million, up from $700 million a year earlier, while the year to date average realised price fell 37 percent to $97 a carat on an 18 percent drop in the rough price index and a more balanced sales mix. Lab grown diamonds continued to pressure lower value natural goods. All of it forms the backdrop to Anglo’s effort to sell its 85 percent stake in De Beers, on which chief executive Duncan Wanblad said work toward a transaction continues in a challenging market.