De Beers recorded higher rough diamond sales in the first quarter of 2026, with parent company Anglo American reporting increased volumes and revenue following price reductions on smaller goods and changes in product mix.
Sales Volumes Increase
Sales volume rose 64% year on year to 7.7 million carats, including supply to joint venture partners. Consolidated sales, excluding that supply route, increased 53% to 6.4 million carats.
Consolidated revenue rose 25% to $648 million.
The results cover De Beers’ first two sights of 2026. Proceeds from the third sight, which began in March, will be included in second-quarter figures.
Pricing Changes Affect Average Value
The average consolidated selling price fell 19% year on year to $101 per carat. Anglo American attributed this to a 17% decline in the average rough price index and a higher proportion of lower-value goods in the sales mix.
De Beers reduced prices for 1 to 2 carat rough at its January sight, according to market sources, with some estimates also pointing to reductions in 2 to 4 carat goods. Prices for stones of 5 carats and above increased in February.
Production Rises in First Quarter
Rough diamond production increased 17% year on year to 7.1 million carats.
Anglo American said the rise reflected higher output from the underground Venetia mine in South Africa and a planned release of ore from the Gahcho Kué mine in Canada. Work to access ore from Gahcho Kué’s north-east extension has now been completed.
De Beers’ production guidance for 2026 remains at 21 million to 26 million carats.
Market Conditions Remain Under Pressure
Anglo American said rough diamond trading conditions “continued to be challenged due to ongoing industry, geopolitical and tariff headwinds”.
Duncan Wanblad, chief executive of Anglo American, said: “We are progressing the sale process for De Beers and continue to assess further cost and capital preservation measures to minimize the impact from challenging diamond markets.”
Anglo American, which owns 85% of De Beers, said it remains “committed to divesting De Beers” and expects to provide an update “through the course of 2026”.
Rough Price Index Restated
Anglo American has revised De Beers’ average rough price index back to the start of 2025 to include the impact of stock rebalancing.
The revised figures show rough prices fell 18% like for like in the first quarter of 2025 compared with the fourth quarter of 2024. Prices then stabilised during the next two quarters before falling 9% in the fourth quarter.
The restatement includes discounted sales of less sought-after inventory to selected sightholders. Previous figures excluded those transactions and reflected official list prices only.
For jewellers, the figures underline the continued sensitivity of the rough market to price changes, particularly in smaller goods. The rise in volumes indicates some improvement in demand following lower prices, while the fall in average selling price points to ongoing pressure on value. This remains relevant for businesses monitoring polished diamond prices, stock levels and margins.
