DiamondBuzz
De Beers Q1 Output Drops 11% as Diamond Demand Slumps
Rough Sales Plunge 44% to $520 Million; Canada and South Africa See Sharpest Production Cuts
De Beers reported an 11% decline in rough diamond production for Q1 2025, totaling 6.1 million carats, amid ongoing weak global demand. The sharpest drops came from Canada (down 40%) and South Africa (down 19%), while Botswana production fell 8% to 4.6 million carats due to planned reductions.
Rough diamond sales also took a major hit, falling 44% year-on-year to $520 million, with 4.7 million carats sold. The average realized price dropped 38% to $124 per carat, driven by a softer sales mix and a 15% decline in the De Beers price index.
Despite the downturn, De Beers reaffirmed its 2025 production guidance of 20–23 million carats, citing flexibility to adjust based on market shifts. The company is also navigating a dual-track strategy to divest or demerge from Anglo American, which is restructuring its portfolio. A new long-term sales agreement with the Government of Botswana was signed during the quarter, indicating a continued strategic partnership.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
WGC Gold Market Commentary: Hiking Up A Volcano
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
Harit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
Ekta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
WGC Gold Market Commentary: Hiking Up A Volcano
-
National News2 days agoHarit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
-
GlamBuzz2 days agoEkta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
-
International News1 day agoWGC Gold Market Commentary: Hiking Up A Volcano
-
National News2 days agoTreasures By Tiara Unveils Mumbai Flagship and Café Concept At Cumballa Hill
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.