DiamondBuzz
De Beers Q4 production drops 35%
De Beers reported a staggering 35% drop in Q4 2025 production, recovering just 3.78 million carats. The primary culprit? A strategic retreat in Botswana, where output plunged 56% as the company kept the world-class Jwaneng and Orapa mines offline for maintenance.
Key Financial Takeaways:
- The Botswana Blackout: Jwaneng remained completely offline, a deliberate move to curb inventory buildup amidst sluggish global demand.
- A “Loss-Making” Year: Parent company Anglo American warned that De Beers will likely be in the red for FY2025, potentially triggering a third valuation impairment in three years.
- Guidance Cut: Citing “geopolitical and tariff uncertainty,” De Beers slashed its 2026 production target to 21–26 million carats (down from ~29 million).
While Canada’s Gahcho Kué mine provided a rare spark (output doubled on high-grade ore), the broader picture is one of managed decline. Anglo American continues its push to divest its 85% stake, leaving the diamond titan in a high-stakes transition period. The prolonged downturn has prompted Anglo American to warn of a potential third impairment of De Beers’ value in three years. Anglo noted that De Beers is expected to be loss-making for the 2025 financial year.
DiamondBuzz
Rio Tinto shuts Diavik mine operations after 23 years
Diavik has been an inspired collaboration between a mining company and Indigenous partners
After 23 years of operations and more than 150 million carats of rough diamonds produced before exhausting its economic reserves, Rio Tinto’s Diavik diamond mine in the Northwest Territories of Canada has celebrated its final day of production.
Rio Tinto Iron & Titanium and Diamonds MD Sophie Bergeron said: “Forty years ago there were very few people who believed there were diamonds in Canada – even fewer could have foreseen how the Diavik story would unfold. To arrive at this milestone has required vision, courage and determination to overcome significant challenges to mine diamonds beneath a frozen lake in one of the world’s most remote and pristine ecosystems.”
“Today, Diavik’s influence stretches into many spheres and over many continents and I am very proud to acknowledge all those people who have contributed to the discovery and development of the mine and the production and marketing of some of the finest diamonds the world has ever seen.”
Diavik mine, comprising four pipes, was discovered in 1991, beneath Lac de Gras, 220 kilometres south of the Arctic Circle. Mining began in 2003 and utilising both open pit and underground mining methods, has produced predominantly white gem quality diamonds and a small proportion of rare yellow diamonds.
Indigenous Government Organisations, government representatives and other stakeholders attended a celebration at the mine, signalling the formal completion of production at Diavik.
Diavik has been an inspired collaboration between a modern mining company and Indigenous partners with an enduring legacy of socioeconomic benefits for the North. RT looks forward to continuing to respectfully reclaim the land in line with our commitments to, and in partnership with, the Government of the Northwest Territories and Indigenous partners.
Planning for Diavik’s closure has been ongoing, commencing before the mine even began production, with closure goals covering safety, land use, landforms, water, biodiversity, community capacity and resource development. Closure activities will extend to 2029, followed by a period of post-closure monitoring.
The final production of Diavik rough diamonds will be polished and sold through 2026 and beyond by Rio Tinto’s international network of customers, including its long-standing Select Diamantaires.
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