Botswana helped De Beers stage a strong production recovery in the second quarter of 2026, but the rebound came against the backdrop of a weak global diamond market that continues to weigh heavily on prices and earnings.
Anglo American’s latest production report shows Botswana produced 5.49 million carats between April and June, more than double the 2.65 million carats recovered during the same period last year. The increase pushed De Beers’ total production up 88 percent to 7.78 million carats, with Botswana contributing more than 70 percent of the group’s output.
The production jump was driven by the return of normal operations at Orapa after an extended maintenance shutdown last year, as well as mining higher-grade ore at Jwaneng, allowing the mines to recover more diamonds from the same amount of material.
Jwaneng, the world’s richest diamond mine by value, produced 2.79 million carats, up 50 percent year-on-year, while the Orapa mining complex recorded the biggest improvement, with production soaring 241 percent to 2.7 million carats. Overall, Botswana produced 10.3 million carats during the first half of the year, a 43 percent increase compared to the same period in 2025.
However, the stronger production failed to translate into stronger financial performance.
De Beers said demand for natural diamonds remains weak as consumers continue to cut spending amid global economic uncertainty, while cheaper laboratory-grown diamonds are taking a bigger share of the lower-priced jewellery market. The conflict in the Middle East and broader geopolitical tensions also weighed on consumer confidence during the period.
As a result, the average price realised by De Beers fell 32 percent to US$105 per carat in the first half of 2026 from US$155 a year earlier. The company also sold a greater proportion of lower-value stones, putting further pressure on revenues.
The impact was evident in second-quarter sales. Although De Beers sold 7.1 million carats through three sales cycles, revenue fell sharply to US$665 million, down from US$1.2 billion in the same quarter last year.
The figures highlight the difficult position facing the diamond industry, where miners are producing more stones but earning significantly less from them because of weaker prices and subdued demand.
De Beers expects production to ease in the second half of the year as planned maintenance begins at Orapa and Jwaneng. It has nevertheless maintained its full-year production guidance of 21 million to 26 million carats, saying it will continue adjusting output to match market demand.
