De Beers posts $189 million loss as diamond market stays weak
De Beers’ $189 million first-half loss sharpened the pressure on natural diamonds as India held up and U.S. and China softened.
De Beers posted a $189 million first-half loss as rough diamond trading conditions remained challenging, a blunt reminder that the natural-diamond market still lacked pricing power. In its 2025 interim financial results, the company said it was still focused on strategy and operational cost management, but the numbers showed how hard it has become to keep polished and rough prices steady while lab-grown stones stay cheaper on the case and in the showcase.
Anglo American’s diamond and copper production fell in the first half, adding more strain to a business already under pressure. For retailers, the choice set is narrowing. If De Beers leans on price cuts, cutters and manufacturers may get relief, but the natural-diamond premium could erode further. If it restrains production, supply should tighten and support pricing, though that can leave jewelry buyers facing fewer goods and more volatility at the wholesale level. A heavier category marketing push would aim at the most fragile part of the equation, the consumer’s sense that a natural diamond still carries a different emotional and long-term value than a lab-grown alternative.
That tension was already visible earlier in the year, when De Beers said India had become a bright spot for cut and polished diamonds even as the United States and China slowed. The U.S. market showed early signs of recovery then, but the broader picture remained uneven, with one region holding up while two of the industry’s most important demand centers cooled. For jewelers, that makes assortment and storytelling just as important as price. The stone that once sold itself now has to compete on provenance, rarity and perceived permanence.
The corporate backdrop is no less severe. Anglo American wrote down De Beers and pushed ahead with a business overhaul that centered on shedding unwanted assets and focusing on copper and iron ore. Anglo later valued De Beers at $4.9 billion after recording $3.5 billion in impairments over the previous two years, a stark measure of how much the diamond business has lost its shine inside the parent company. Botswana and De Beers also signed a long-delayed diamonds deal, while De Beers shut down its lab-grown jewelry brand Lightbox, a retreat that underlined where the group is choosing to concentrate its effort as the category battles its most punishing downturn in years.
This article was produced by Prism’s automated news system from verified source data, official records, and press releases, then run through automated quality and moderation checks before publishing. The system is built and supervised by the people who set the standards it runs under. Read our full AI policy.
Did this article answer your question?
