De Beers keeps production targets despite weaker sales
Lewanika Timothy | Wednesday August 5, 2026 06:00
The diamond producer reported revenue of US$1.6 billion during the first half of 2026, down from US$2 billion recorded during the same period last year, as subdued rough diamond demand continued to weigh on the business. Production guidance for 2026 was set for 21 to 26 million carats. Despite the lower sales environment, De Beers said it would continue with its production guidance, with output reaching 14.9 million carats in the first half of the year compared with 10.2 million carats during the same period in 2025.
However, the optimism comes against a backdrop of lower realised diamond prices, which declined to US$105 per carat this half year from US$155 per carat in the 2025 half year results. Earnings remained under pressure, with De Beers recording an EBITDA or earnings before interest, taxes, depreciation, and amortisation loss of US$113 million although this represented an improvement from the US$189 million loss reported in the first half of 2025. Speaking during the announcement of the group’s results last week, De Beers Vice President, Diamond Trading, Paul Rowley said the diamond industry continued to face pressures from an unstable macroeconomic enviroment affected by geopolitical tensions.
“The outbreak of war in the Middle East impacted global trade routes, increased energy costs and introduced risks to consumer confidence,” Rowley said. He added that continued growth of synthetic diamonds at the retail level, uncertainty around US tariffs, macroeconomic pressures, high gold prices and excess polished diamond inventories had contributed to downward pressure on rough diamond demand.
Despite the challenging conditions, the global diamond giant, stated there were early indications that the market was starting to rebalance. De Beers pointed to improving polished diamond prices in some segments, stronger demand for coloured diamonds supported by its Desert Diamonds marketing campaign, and increased industry participation in natural diamond marketing through the Natural Diamond Council. The company highlighted the launch of a new Sightholder contract period in July 2026, aimed at creating deeper relationships with fewer partners, while its Tracr blockchain platform has surpassed five million registered diamonds.
At the retail level, De Beers said it is continuing to reposition natural diamonds against synthetic alternatives, with the company engaging retailers on the changing economics of lab-grown diamonds and developing education programmes to reinforce consumer confidence in natural stones.