De Beers, the world's leading diamond mining company, has reported a decline in production for the third quarter of 2026. The company pulled 6.8 million carats of rough stone from the earth, an 11 percent decline from the same stretch a year earlier. This decline was largely due to a deliberate recalibration of production, including planned maintenance at several mines and a mine easing toward a two-year slumber.
In Botswana, De Beers' production fell 20 percent year on year to 4.8 million carats, largely due to planned maintenance at Orapa, one of the country's two great mining regimes. Orapa's output tumbled 36 percent from a year earlier to 1.9 million carats, while Jwaneng, the richest diamond mine in the world by value, held comparatively firm, slipping just 5 percent to roughly 3 million carats.
De Beers' production in South Africa fell 37 percent to 400,000 carats as Venetia, the country's flagship operation, ramped down both mining and processing ahead of a planned two-year production pause. The wind-down is nearly complete, with no further carats expected from South Africa this year. In contrast, production in Canada more than doubled, surging 108 percent to 1.1 million carats, driven by the planned processing of higher-grade ore at the Gahcho Kué mine.
On October 16, 2026, De Beers assumed full ownership of Gahcho Kué after enforcing security over its joint-venture partner Mountain Province Diamonds' 49 percent interest. This change will now report 100 percent of the mine's production and sales rather than its previous 51 percent attributable share. The shift does not add a single stone to global supply but meaningfully inflates De Beers' reported output.
Despite the quarterly turbulence, Botswana's year-to-date production is actually up 14 percent, at 15.1 million carats. Namibia's production held stable at 0.5 million carats, with strong offshore recovery by Debmarine Namibia offsetting a decline in Namdeb's land-based operations. De Beers reported that trading conditions showed signs of stability during the quarter, pointing to a more balanced supply-and-demand landscape.
However, the company was candid about the shadow over the business – synthetic, lab-grown diamonds continued to affect demand for lower-value natural diamonds. The financial toll is stark, with the year-to-date consolidated average realized price falling 37 percent, to $97 carat. De Beers sold 9.8 million carats in the quarter, generating $731 million in consolidated rough diamond sales revenue.
De Beers has reset expectations for the full year, raising its 2026 production guidance to 25 to 28 million carats, up from a previous range of 21 to 26 million. However, the increase is largely due to the consolidation of Gahcho Kué. The company stressed that it continues to align output with prevailing demand, and unit cost guidance was cut to about $70 carat, reflecting the heavier contribution from Gahcho Kué and ongoing cost control across all operations.
Key points
- De Beers' production declined 11% in Q3 2026 due to planned maintenance and a deliberate recalibration of production.
- The company assumed full ownership of Gahcho Kué, which will inflate its reported output.
- De Beers is aligning output with prevailing demand and disciplining costs amid a softer diamond market.
