Morning Bites
 
💎Global rough diamond supply dropped 8% YoY to 99mnct in 2025, after a 3% YoY decline in 2024, per Kimberley Process data. Specifically, Botswana's output was down 14% YoY to 15mnct, while production in Russia declined 16% YoY to 32mnct

Despite the contraction in global mined supply, diamond exports (from the 12 key producing countries) rose 4% YoY as Botswana — driven primarily by De Beers — and Angola continued to draw down inventory

We maintain our cautious view on the medium-term prospects for a recovery in the global diamond market, given the risks to supply discipline posed by Anglo American's planned sale of De Beers (which is currently disrupting the price-over-volume strategy)

#diamonds