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
Dubai Diamond Exchange Expands Board With Three New Appointment
New Board Appointments Strengthen DDE’s Expertise In Global Markets, Governance and Responsible Sourcing.
The Dubai Diamond Exchange (DDE), part of DMCC, has expanded its Board of Directors with the appointment of Neil Ventura, Weizhang Liang and Wafa Jaffery, strengthening its leadership across global diamond markets, governance and responsible sourcing.
The board will continue to be chaired by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC. The new appointments are aimed at reinforcing Dubai’s position as a leading hub for the global diamond and precious stones trade.
Neil Ventura joins as Member and Secretary of the DDE Board. He brings more than 35 years of experience across mining, trading, jewellery and technology, having held senior roles at De Beers and Anglo American. He currently serves as Special Advisor to DMCC’s Precious Stones Ecosystem.
Weizhang Liang, former President of the Guangzhou Diamond Exchange and China’s Kimberley Process focal point for over 15 years, joins the board with extensive expertise in international diamond policy and the Chinese market. He also advised the UAE’s Kimberley Process Chairmanship in 2025.
Wafa Jaffery, a longstanding member of DMCC’s Precious Stones team, was elected to the Board of Directors of the World Diamond Council in 2026. She also serves on the Kimberley Process Task Force and the Responsible Jewellery Council Standards Committee.
Ahmed Bin Sulayem, Chairman of the Dubai Diamond Exchange, said:
The appointments would enhance the exchange’s ability to support the industry’s growth and evolution.
“The strength of the Dubai Diamond Exchange has always been built on the depth of expertise within DMCC’s precious stones ecosystem. These appointments reflect the calibre of leadership that DMCC has developed over many years and reinforce Dubai’s position as one of the world’s leading centres for the diamond and precious stones trade.”
The DDE is the world’s largest diamond tender facility and a major marketplace for rough and polished diamonds, coloured gemstones and pearls. Operating within DMCC, it provides infrastructure and trading facilities that connect miners, manufacturers, traders, financiers and retailers across the global diamond supply chain.
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