De Beers reported a smaller underlying loss for the first half of 2026, demonstrating improved operational performance despite continued weakness in the rough diamond market. While lower rough diamond prices weighed on revenue, stronger production, higher sales volumes and disciplined cost management helped soften the impact.
Revenue for the six months ended 30 June 2026 declined 19% year-on-year to US$1.58 billion, primarily due to a sharp reduction in realised rough diamond prices. However, the company's underlying EBITDA loss improved to US$113 million, compared with US$189 million in the corresponding period last year. Underlying EBIT loss also narrowed to US$209 million, while the EBITDA margin improved from -10% to -7%.
The average realised rough diamond price dropped 32% to US$105 per carat, reflecting both a weaker sales mix and a lower average rough price index following inventory-balancing measures implemented in 2025.
Operationally, De Beers delivered stronger volumes across the business. Rough diamond production rose 46% to 14.9 million carats, while sales volumes increased 13% to 12.4 million carats compared with the first half of 2025. At the same time, unit costs fell 26% to US$64 per carat, supported by improved operational efficiencies and higher output. Capital expenditure was also reduced by one-third to US$115 million.
During the second quarter, the company sold 6 million carats of rough diamonds, generating US$665 million in revenue. Although sales volumes remained relatively stable compared to the same period last year, revenue was significantly lower than the US$1.2 billion recorded in the second quarter of 2025, highlighting the continued pressure on rough diamond prices.
Looking ahead, De Beers has retained its full-year production guidance of 21–26 million carats. However, planned maintenance at the Orapa and Jwaneng operations, along with a proposed temporary production pause at the Venetia mine in South Africa, are expected to reduce output during the second half of the year. The company has also maintained its unit cost guidance at approximately US$80 per carat for 2026.
