De Beers Group faced challenges in 3rd quarter rough diamond trading in 2025

Rough diamond trading conditions continued to be challenging during the third quarter. The improvement in rough diamond demand seen during the first half of 2025 was undermined by new US tariffs on diamond imports from India. India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond jewellery. The EU has subsequently secured these exemptions and the industry awaits the outcome of potential agreements with other countries. Consumer demand for natural diamond jewellery remained stable in the US and broadly stable globally.

Rough diamond sales from two Sights in Q3 2025 totalled 5.7 million carats (4.6 million carats on a consolidated basis)(1) reflecting continued stock rebalancing initiatives with specific assortments being sold at lower margins. This generated consolidated rough diamond sales revenue of $700 million. In comparison, one Sight in Q3 2024 recorded sales of 2.1 million carats (1.7 million carats on a consolidated basis)(1), with consolidated rough diamond revenue of $213 million.

The year to date consolidated average realised price decreased by 3% to $155/ct, reflecting the impact of a 14% decrease in the average rough price index, partially offset by strong demand for higher value stones impacting the sales mix in Q2 and Q3 2025. The average rough price index does not reflect the impact of rebalancing initiatives.