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.