De Beers reports 11% decline in third-quarter diamond production

De Beers Group reported an 11% year-on-year decline in rough diamond production for the third quarter, totaling 6.8 million carats. The decrease was primarily driven by production drops in Botswana and South Africa due to planned maintenance and operational pauses.

In Botswana, production fell 20% to 4.8 million carats, with the Orapa mine seeing a 36% decline. In South Africa, output decreased to 400,000 carats as the Venetia mine slowed operations. Conversely, Canadian production rose to 1.1 million carats following the processing of higher-grade ore at Gahcho Kué, a mine De Beers now fully owns.

Market conditions showed signs of stability with improved consumer demand in the US and India, though synthetic lab-grown diamonds continue to impact demand for lower-value natural stones. The year-to-date consolidated average realized price fell 37% to US$97 per carat.