Namibia stays steady as De Beers’ diamond output drops

Namibia’s rough diamond production remained stable at 500 000 carats in the third quarter of 2026, even as De Beers’ global output fell and the company revised its full-year production and cost forecasts.

“Production in Namibia remained stable at 0.5 million carats,” De Beers says in its third-quarter operational update.
Globally, the producer reported an 11% decline in rough diamond production to 6.8 million carats.

The drop was mainly due to planned maintenance at Orapa Mine in Botswana and reduced activity at Venetia in South Africa ahead of a planned two-year pause.

Botswana’s production fell to 4.8 million carats because of the Orapa maintenance, while South Africa’s production dropped to 400 000 carats as Venetia scaled back mining and processing.

De Beers says no further carat production was expected at Venetia in 2026, although preparations for the pause would continue into early 2027.

In Canada, production rose to 1.1 million carats after higher-grade ore was processed at Gahcho Kué Mine.

GAHCHO KUÉ DEAL BOOSTS DE BEERS’ OUTPUT

De Beers assumed full ownership of Gahcho Kué on 16 October after enforcing security over Mountain Province Diamonds’ 49% stake in the joint operation.

It will now report 100% of the mine’s production and sales, up from its previous 51% share.

The change does not increase global diamond supply, but it raises the amount of production attributed to De Beers.

As a result, De Beers raised its 2026 production guidance to between 25 million and 28 million carats, from a previous range of 21 million to 26 million carats.

The company also lowered its expected unit cost to about US$70 (N$1 148) per carat from US$80 (N$1 312).

DIAMOND MARKET SHOWS SIGNS OF STABILISING

De Beers says trading conditions showed signs of stability during the quarter, supported by a more balanced relationship between supply and demand and stronger consumer demand in the United States and India.

However, laboratory-grown diamonds continued to weigh on demand for lower-value natural stones, particularly in price-sensitive segments.

The company’s year-to-date average realised price fell 37% to US$97 (N$1 591) per carat, reflecting an 18% decline in its average rough diamond price index and a change in the mix of diamonds sold compared with the same period last year.

Rough diamond sales in the third quarter reached 9.8 million carats across two sales events, generating US$731 million (about N$12.06 billion) in consolidated revenue.

On a consolidated basis, sales amounted to 8.7 million carats.

In the same quarter of 2025, De Beers sold 5.7 million carats, including 4.6 million on a consolidated basis for revenue of US$700 million (about N$11.5 billion).

De Beers says it would keep monitoring rough diamond trading conditions and adjust production to reflect demand.

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