De Beers Cuts Interim Losses Despite 32% Drop in Rough Diamond Prices
De Beers reported a narrowed loss in the first half of 2026 despite a 32% drop in rough diamond prices. The company offset lower prices through increased production, higher sales volumes, and significant cost-cutting measures.
Why it matters
The results highlight the ongoing volatility in the luxury goods market and the operational strategies large mining firms use to survive price downturns.
0 De Beers narrowed its losses in the first half of 2026 despite a sharp decline in rough diamond prices, as higher production, increased sales volumes and aggressive cost-cutting helped offset weaker pricing.
Revenue fell 19% to US$1.58 billion in the six months that ended 30 June 2026, from US$1.95 billion a year earlier. The decline reflected significantly lower realised rough diamond prices, although underlying operating performance improved.
Underlying EBITDA loss narrowed to US$113 million from US$189 million in the first half of 2025, while the underlying EBIT loss improved to US$209 million, compared with US$303 million a year earlier. EBITDA margin improved to -7% from -10%.
The average realised rough diamond price fell 32% to US$105 per carat, driven by a weaker product mix and a 16% decline in the average rough price index following inventory rebalancing measures introduced during 2025.
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