CHAMWE KAIRA
De Beers has raised its 2026 production guidance to between 25 million and 28 million carats, from a previous forecast of 21 million to 26 million carats, as rough diamond trading conditions show signs of stabilising.
The company said in the production report for the third quarter ended 30 September 2026 that the revised outlook reflects it assuming full ownership of the Gahcho Kue mine, while it continues to monitor market conditions and align output with prevailing demand.
Rough diamond sales reached 9.8 million carats in the third quarter of 2026, including 8.7 million carats on a consolidated basis, generating consolidated sales revenue of US$731 million.
This compares with 5.7 million carats sold in the third quarter of 2025, of which 4.6 million carats were on a consolidated basis, generating revenue of US$700 million.
The sales figures cover two sales events, known as Sights, in each quarter.
De Beers said rough diamond trading conditions showed signs of stability during the third quarter, supported by a more balanced supply-and-demand environment and improved consumer demand in the United States and India.
However, laboratory-grown synthetic diamonds continued to weigh on demand for lower-value natural diamonds, putting pressure on more price-sensitive market segments.
The company’s year-to-date consolidated average realised price fell 37% to US$97 per carat.
De Beers attributed the decline to an 18% decrease in its average rough diamond price index and a change in sales mix.
A higher proportion of high-value diamonds had been sold during the comparative period, contributing to the year-on-year decline in the average realised price.
De Beers also revised its 2026-unit cost guidance downwards to approximately US$70 per carat, from the previous estimate of US$80 per carat.
The company attributed the lower expected unit cost to the increased contribution from the Gahcho Kue mine, the impact of the production pause at the Venetia mine and continued cost-control measures across its operations.
The revised production guidance is stated on a 100% basis. Gahcho Kue production has been reported on an attributable 51% basis, but will be reported on a 100% basis from the fourth-quarter 2026 production report.
De Beers said it would continue monitoring rough diamond trading conditions to ensure production levels remain aligned with market demand.
