Morning Bites
 
💎De Beers reduced its rough diamond output 23% YoY in 2024, and has lowered its production guidance for 2025-27, per an Anglo American press release. We remind readers that in 2024 the company had already lowered its diamond production guidance twice and cut rough prices three times (in total by ~20%), but market conditions remain soft, underpinning still high midstream inventories

According to the updated forecast, De Beers plans to produce 20-23mnct in 2025 (-30% vs. the previous guideline of 30-33mnct). Hence, its 2025 output may fall 10-15% YoY after the -23% YoY seen in 2024. The total 10mnct reduction in 2023-25 accounts up to 15% of global supply

In our view, supply-side discipline is a positive factor for diamond market sentiment. However, market recovery might take longer than we had anticipated, given there were still elevated midstream inventories in early-2025, according to market participants

#diamonds 
https://metals-wire.com/sector/Diamonds