Morning Bites

💎 De Beers’ 3Q25 rough diamond output jumped 38% YoY to 7.7 mnct, the company has reported. Management said that the increase was mainly due to higher output at Botswana’s Jwaneng mine ahead of planned maintenance works in 4Q25. Meanwhile, the company’s FY25 guidance remained unchanged at 20-23 mnct

De Beers sales during 3Q25 totalled 5.7mnct (2.7x higher YoY), reflecting stock rebalancing initiatives with specific goods being sold at lower margins. The miner's YTD average realised price decreased 3% to USD 155/ct, reflecting the 14% drop in the rough price index, which was partially offset by a stronger sales mix

The miner also noted that rough diamond trading conditions remained challenging in 3Q25, but downstream demand for natural stones was broadly stable globally

Overall, we reiterate our view that it might take time for the global diamond market to recover, given still high midstream inventories, risks to supply discipline in 2025-26 and concerns about a global trade war

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