De Beers says diamond trading conditions continued to be challenging during the third quarter of the year with tariffs on goods entering the United States overshadowing green shoots seen earlier in 2025.
The diamond major stated in its Q3 2025 update that however production increased to 7.7 million carats. “The improvement in rough diamond demand seen during the first half of 2025 was undermined by new US tariffs on diamond imports from India,” De Beers said. India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond jewellery.
“There was a positive development in September, when the US included natural diamonds to its Tariff Annex III list making them eligible for tariff exemptions for countries with trade agreements. “The EU has subsequently secured these exemptions and the industry awaits the outcome of potential agreements with other countries. Consumer demand for natural diamond jewellery remained stable in the US and broadly stable globally.”
De Beers said in Q3 2025, production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng in Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter of 2025. In Botswana, production increased by 51% to 6.0 million carats.
In the comparative period there was one month of plant maintenance at Jwaneng, whereas the plant was fully operational in Q3 2025. Meanwhile, rough diamond sales from two Sights in Q3 2025 totalled 5.7 million carats (4.6 million carats on a consolidated basis) reflecting continued stock rebalancing initiatives with specific assortments being sold at lower margins.
The company revealed the sales generated consolidated rough diamond sales revenue of $700 million. In comparison, one Sight in Q3 2024 recorded sales of 2.1 million carats (1.7 million carats on a consolidated basis), with consolidated rough diamond revenue of $213 million. Production guidance for 2025 remained unchanged at 20–23 million carats (100% basis), De Beers said.
