| Diamonds(1) (000 carats) | Q1 2026 | Q1 2025 | Q1 2026 vs. Q1 2025 |
Q4 2025 |
Q1 2026 vs. Q4 2025 |
| Botswana | 4,814 | 4,572 | 5% | 1,881 | 156% |
| Namibia | 556 | 631 | (12)% | 459 | 21% |
| South Africa | 740 | 483 | 53% | 496 | 49% |
| Canada | 1,023 | 389 | 163% | 949 | 8% |
| Total carats recovered | 7,133 | 6,075 | 17% | 3,785 | 88% |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production increased by 17% to 7.1 million carats, primarily driven by planned ore release from Gahcho Kué in Canada and higher volumes from Venetia underground.
In Botswana, production increased by 5% to 4.8 million carats, as a result of higher recovered grade at Orapa. Jwaneng production was broadly consistent with the comparative period.
Namibia’s production decreased by 12% to 0.6 million carats, due to scheduled maintenance on two vessels at Debmarine Namibia along with the impact of decommissioning two vessels in 2025.
In South Africa, production at Venetia increased by 53% reaching 0.7 million carats, largely as a result of processing higher volumes of underground ore.
In Canada, production increased to 1.0 million carats, reflecting the planned ore release in Gahcho Kué from a new area of the mine.
Trading Performance
Rough diamond trading conditions continued to be challenged due to ongoing industry, geopolitical and tariff headwinds.
Rough diamond sales in Q1 2026 totalled 7.7 million carats (6.4 million carats on a consolidated basis)(1) from two Sights, generating consolidated rough diamond sales revenue of $648 million. This compares with two Sights in Q1 2025 of 4.7 million carats (4.2 million carats on a consolidated basis)(1), generating $520 million of consolidated rough diamond sales revenue.
The consolidated average realised price declined by 19% to $101/carat, primarily driven by a 17% decrease in the average rough price index (which is now reported including the impact of the stock rebalancing actions) as well as a sales mix with a higher proportion of lower value goods.
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.
2026 Guidance
Production(2) guidance for 2026 is unchanged at 21–26 million carats (100% basis). De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.
Unit cost guidance for 2026 is unchanged at c.$80/carat(3).
(1) Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2026 unit costs of c.16.00 ZAR:USD.
| Diamonds(1) | Q1 2026 |
Q4 2025 |
Q3 2025 |
Q2 2025 |
Q1 2025 |
Q1 2026 vs. Q1 2025 | Q1 2026 vs. Q4 2025 |
| Carats recovered (000 carats) | |||||||
| 100% basis (unless stated) | |||||||
| Jwaneng | 2,232 | 0 | 3,151 | 1,859 | 2,249 | (1)% | n/a |
| Orapa(2) | 2,582 | 1,881 | 2,879 | 792 | 2,323 | 11 % | 37 % |
| Total Botswana | 4,814 | 1,881 | 6,030 | 2,651 | 4,572 | 5 % | 156 % |
| Debmarine Namibia | 354 | 286 | 303 | 385 | 461 | (23) % | 24 % |
| Namdeb (land operations) | 202 | 173 | 154 | 150 | 170 | 19 % | 17 % |
| Total Namibia | 556 | 459 | 457 | 535 | 631 | (12)% | 21 % |
| Venetia | 740 | 496 | 659 | 592 | 483 | 53 % | 49 % |
| Total South Africa | 740 | 496 | 659 | 592 | 483 | 53 % | 49 % |
| Gahcho Kué (51% basis) | 1,023 | 949 | 511 | 361 | 389 | 163 % | 8 % |
| Total Canada | 1,023 | 949 | 511 | 361 | 389 | 163 % | 8 % |
| Total carats recovered | 7,133 | 3,785 | 7,657 | 4,139 | 6,075 | 17 % | 88 % |
| Total sales volume (100%) (000 carats)(3) | 7,723 | 5,941 | 5,715 | 7,555 | 4,715 | 64 % | 30 % |
| Consolidated sales volume (000 carats)(3) | 6,408 | 5,383 | 4,558 | 6,815 | 4,190 | 53 % | 19 % |
| Consolidated rough diamond sales value ($m)(4) | 648 | 571 | 700 | 1,185 | 520 | 25 % | 13 % |
| Average price ($/ct)(5) | 101 | 106 | 154 | 174 | 124 | (19) % | (5) % |
| Average price index(6) | 68 | 74 | 81 | 83 | 82 | (17) % | (8) % |
| Number of Sights | 2(7) | 3 | 2 | 3 | 2 |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance in March 2025, and Damtshaa has been on care and maintenance since 2021.
(3) Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Consolidated rough diamond sales value includes De Beers Group’s 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value post-aggregation.
(6) Average of the De Beers price index for the Sights within the period. The 2025 indices have been restated to include the effect of the stock rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
(7) Sight 3 commenced in March 2026, however was not complete by quarter end. The full Sight 3 results will be reported in Q2 2026.
