De Beers is expected to post a loss for the first half of 2025, as parent company Anglo American cites “stock rebalancing initiatives” that led to the sale of rough diamonds at reduced margins. The move aimed to offload out-of-balance inventory, sold at lower prices than originally purchased, according to the group’s latest production report.

“Accordingly, we expect to report negative underlying EBITDA for De Beers in the first half of 2025,” Anglo American stated.

Consolidated rough-diamond sales (excluding joint ventures) rose 14% year-on-year to $1.19 billion in Q2, despite a 7% drop in volume to 6.8 million carats. Total sales, including joint ventures, slipped 3% to 7.6 million carats. The company attributed the performance to targeted sales efforts during the quarter.

These “stock rebalancing” transactions — effectively quiet, low-margin deals with sight-holders — were confirmed by a De Beers spokesperson. “These transactions incurred lower margins as they were purchased in a higher price environment than they were sold at,” the spokesperson told.

Despite lower-margin deals, the average consolidated price per carat rose 23% year-on-year to $174 in Q2, reflecting strong demand for higher-value stones. However, De Beers’ rough-price index (which excludes the discounted inventory sales) dropped 13%, largely due to price reductions implemented at its December 2024 sight.

For the full first half of 2025, consolidated rough-diamond sales fell 13% to $1.71 billion. Volume dropped 8% to 11 million carats (consolidated), and 3% to 12.3 million carats overall. The average price per carat fell 5% to $155, with a 14% decrease in the price index offset partially by higher-value goods sold in Q2.

Anglo American noted continued weakness in rough-diamond trading during the first half of the year. While sentiment improved toward the end of Q1, the U.S. tariff announcement in April stalled polished-diamond activity.

Consumer demand for diamond jewelry remained “broadly stable,” contrasting with the strained conditions in the midstream.

In response to market pressures, De Beers slashed its Q2 production by 36% year-on-year to 4.1 million carats. First-half output declined 23% to 10.2 million carats. Despite this, the company has maintained its full-year 2025 production forecast at 20 to 23 million carats but said it will “respond accordingly” as conditions evolve.

These developments come amid Anglo American’s ongoing efforts to sell De Beers. On Wednesday, Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, stated the country’s intent to increase its ownership stake, seeking “full control over this strategic national asset and the entire value chain, including marketing.”

“A formal process for the sale of De Beers is advancing, despite the current challenging market conditions,” Anglo American confirmed.

Cartier, IWC Schaffhausen, and Piaget have officially launched exclusive retail boutiques aboard Luminara, the newest vessel in The Ritz-Carlton Yacht Collection. This collaboration marks a first-of-its-kind retail experience at sea, made possible through a partnership with Starboard Luxury, the high-end division of Starboard Group.

This elegant retail concept brings together some of the world’s most renowned names in luxury, offering guests the opportunity to browse fine jewelry, Swiss timepieces, and expertly curated accessories—all while cruising aboard a superyacht.

In addition to the onboard boutiques, guests can enjoy personalized experiences including private viewings, in-suite appointments, and one-on-one shopping sessions with knowledgeable brand ambassadors.

“Starboard Luxury is honored to unite four legendary luxury brands—Cartier, IWC Schaffhausen, Piaget, and The Ritz-Carlton Yacht Collection,” said Stacy Shaw, Senior Vice President, Luxury & Resorts, Starboard Group. “This debut underscores our commitment to redefining luxury retail with exceptional experiences at sea.”

As the third ship in The Ritz-Carlton Yacht Collection, Luminara will explore the Mediterranean throughout 2025 before expanding its itineraries to the Asia-Pacific region and Alaska in 2026.

“Bringing Cartier, IWC, and Piaget aboard Luminara reflects our dedication to delivering elevated, meaningful experiences at sea,” said Ernesto Fara, President of The Ritz-Carlton Yacht Collection. “Together with Starboard Luxury, we’re connecting our guests to iconic maisons that share our values of craftsmanship, heritage, and excellence.”

Global miner Anglo American on Thursday reported a 13% fall in copper production in the first half of the year to 342,200 metric tons, and a 26% fall in rough diamonds, as demand remains sluggish.

The London-listed miner still expects to mine 690,000-750,000 tons of copper this year, down from 773,000 in 2024. The metal is used in electrical wiring and its demand is expected to increase for electric vehicles and renewable energy infrastructure.

The miner is restructuring its business to mainly focus on copper, as well as iron ore, following BHP’s failed attempt to take it over last year.

It has demerged its platinum business and has agreed, though not yet completed, the sale of its nickel and coking coal assets. These businesses are now expected to be reported as discontinued operations in the company’s 2025 half-year results on July 31.

Despite a production halt caused by a fire at one of the mines included in the $3.78 billion sale to Peabody Energy (BTU.N) in April, the miner still expects the transaction to be completed.

On Thursday, it said a formal process for the sale of diamond unit De Beers is advancing, despite the current challenging market conditions.

Its first-half rough diamond production dropped 26% to 7.22 million carats. Anglo had previously cut its production forecast for 2025 to a range of 20 million to 23 million carats, from 30 million to 33 million, as demand remains low and inventories high.

Iron ore production increased by 2% to 31.38 million tons in the first half.