De Beers, the renowned diamond mining giant, has recorded a substantial uptick in its third-quarter production, reaching 7.7 million carats for the period ending 30 September 2025, marking a 38 per cent increase compared with the same quarter the previous year. This growth was predominantly fuelled by enhanced output from its Botswana operations, where the processing of higher-grade ore at the flagship Jwaneng mine played a pivotal role ahead of scheduled maintenance in the ensuing quarter. According to De Beers Group’s official production report, the company’s Botswana sites collectively delivered six million carats, reflecting a 51 per cent year-on-year rise that underscores the region’s enduring significance to global diamond supply chains.
The Jwaneng operation, often hailed as the world’s richest diamond mine by value, benefited from strategic ore selection to maximise yields during the quarter. Complementing this, the Orapa mine recommenced full activities following routine plant upkeep earlier in the year, contributing to the overall momentum. Mining Weekly reports that such efficiencies are part of broader efforts to optimise resources amid fluctuating market demands, with Debswana—the 50-50 joint venture between De Beers and the Botswana government—recently extending its mining licences by 25 years to sustain long-term viability through projects like Jwaneng’s underground expansion.
In South Africa, De Beers’ facilities also showed resilience, with production climbing 28 per cent year-on-year to 700,000 carats, driven by greater throughput of premium underground ore at sites including Venetia. However, performance elsewhere was more subdued: output in Namibia held steady at 500,000 carats, while Canadian operations dipped 15 per cent to the same volume due to deliberate processing of lower-grade material as part of annual planning. As detailed in Engineering News, these variances highlight De Beers’ adaptive approach to balancing geological realities with economic pressures, particularly as the company navigates a full-year production forecast of 20 to 23 million carats.
Despite the production gains, rough diamond trading persisted in a challenging environment throughout the quarter, with early-year improvements in demand overshadowed by fresh US tariffs on imports from India—the primary hub for natural diamond cutting and polishing. The United States, as the largest consumer market for diamond jewellery, accounts for over a third of global polished imports, making these levies a notable disruptor. Reuters indicates that the tariffs, initially set at up to 27 per cent on Indian shipments, prompted urgent industry lobbying for exemptions, citing the irreplaceable role of natural resources in the supply chain.
A glimmer of optimism emerged in September when the US incorporated natural diamonds into its Tariff Annex III, opening pathways for waivers under existing trade pacts. The European Union swiftly negotiated such relief, and stakeholders are now monitoring potential deals with other nations to mitigate broader impacts. According to Rapaport News, this development could alleviate some pressures, as consumer appetite for natural diamond pieces has remained largely steady in the US and across major markets, buoyed by initiatives like De Beers’ ORIGIN programme, which leverages blockchain for provenance tracking to appeal to ethically minded buyers.
On the sales front, De Beers moved 5.7 million carats through two sight events, generating $700 million in revenue—a figure tempered by ongoing stock rebalancing to favour higher-value assortments. The average realised price edged down three per cent year-to-date to $155 per carat, influenced by a 14 per cent drop in the rough price index, though offset somewhat by robust uptake of premium stones. National Jeweler notes that these dynamics reflect a cautious midstream, where elevated inventories and tariff uncertainties have slowed polished trading, prompting De Beers to maintain vigilant oversight of conditions.
Looking ahead, the miner remains committed to its annual guidance, with unit costs projected at around $94 per carat, benefiting from efficiencies like mine sequencing at Venetia and deferred maintenance offshore Namibia. Yet the tariff saga continues to loom large, with The Times of India reporting potential ripple effects on India’s diamond sector, including curtailed rough imports and job risks for thousands in Surat’s polishing hubs. De Beers has pledged collaboration with partners to assess and counter these threats, emphasising sustainable practices that align with global standards such as the Kimberley Process.
Botswana’s pivotal role in this quarter’s success not only reaffirms its status as a diamond powerhouse—contributing nearly three-quarters of the nation’s export earnings—but also spotlights the symbiotic ties fostering innovation, from the Luanda Accord’s push for natural diamond promotion to Debswana’s voluntary separation schemes amid output adjustments. As BBC News observes, while temporary pauses at sites like Jwaneng address demand softness, they underscore the imperative for diversification in diamond-dependent economies. For De Beers, these quarterly strides offer a foundation for resilience, even as trade barriers test the sparkle of an industry long synonymous with enduring value.