Debswana output kicks up a gear in Q1
Mbongeni Mguni | Monday May 4, 2026 06:00
An Anglo American production report for the first quarter shows that De Beers generated $648 million (P8.8 billion) in sales from two auctions, compared to $520 million (P7 billion) over the same period last year. The diamond giant sold 7.7 million carats in the first quarter, compared to 4.7 million carats over the corresponding period in 2025.
Debswana, De Beers’ traditional mainstay, rebounded from a scheduled shutdown of some operations in the fourth quarter of 2025, to ramp up output in the first quarter. At Jwaneng Mine, production rose to 2.23 million carats from none in the fourth quarter, whilst at Orapa, output was measured at 2.58 million carats from 1.88 million over the same period.
The latest results represent a much-needed uptick for Debswana and De Beers, but the general weakness in the natural diamond industry persists, as indicated by comments from the diamond group.
“Rough diamond trading conditions continued to be challenged due to ongoing industry, geopolitical and tariff headwinds,” Anglo American officials said in a commentary accompanying the latest results. “Anglo American is committed to divesting De Beers and we continue to progress a formal sale process and expect to provide an update through the course of 2026.”
Anglo American owns 85% of De Beers and on April 16, closed the window for takeover bids for its stake. The Government of Botswana, which holds 15% directly and also enjoys pre-emptive rights, has reportedly submitted a bid, with a view to linking up with Namibia and Angola.
At least three other consortiums, one led by a former De Beers top executive, are also reportedly in the running.
Anglo American said its production guidance for De Beers this year was unchanged at 21–26 million carats.
“De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand,” the officials stated.
Meanwhile, the Antwerp World Diamond Centre (AWDC), one of the world’s largest diamond centres, has reported encouraging signs for the natural industry, with signs that prices of polished diamonds are firming.
As the price of rough diamonds is largely determined by the expected yield of the polished diamonds produced from them, rising polished prices are traditionally seen as a positive signal.
According to the AWDC’s data, prices for polished diamonds appear to be gradually recovering, as they increased by 11.6% in the first quarter, compared to corresponding period of 2025. Rough diamond prices continued under pressure in the first quarter, however, falling by 27% to $72 per carat, from $99 per carat.
Producer nations such as Botswana and major companies such as De Beers, signed an agreement last June, to jointly mount industry-wide campaigns for natural diamonds, in order to resuscitate demand.