De Beers Raises the Stakes with Higher 2026 Diamond Production Target Despite Venetia Closure

De Beers has raised its 2026 diamond production target to 25–28 million carats, up from its initial forecast of 21–26 million carats, despite the suspension of operations at its Venetia mine in South Africa.

The revised forecast follows a third-quarter production decline of 11% year-on-year to 6.8 million carats. De Beers also reported a 37% fall in its average realised diamond price to $97 per carat since the beginning of the year, reflecting continued pressure on the rough diamond market.

The higher production target does not indicate an increase in output across its existing operations. Instead, it accounts for a planned increase in De Beers’ ownership of Canada’s Gahcho Kué mine, where the company has agreed to acquire its partner Mountain Province Diamonds’ 49% stake.

Gahcho Kué Deal Supports Higher Forecast

De Beers plans to account for the additional production attributable to its increased ownership of Gahcho Kué in its fourth-quarter results. The acquisition would give the group full control of the Canadian mine and increase the share of its output included in De Beers’ production figures.

Production in Botswana, meanwhile, is expected to decline during the fourth quarter because of scheduled maintenance at the Jwaneng mine.

The revised outlook comes as De Beers continues to manage output against weak diamond demand. Its third-quarter production fell to 6.8 million carats, with Venetia contributing 0.4 million carats from ore extracted before the mine’s operations were suspended.

Venetia has been closed since July as part of a suspension planned to last two years. The decision followed prolonged weakness in the diamond market, with lower demand and prices putting pressure on the industry.

Diamond Prices Remain Under Pressure

De Beers’ average realised price fell 37% to $97 per carat since the beginning of 2026. The decline adds to the challenges facing the group as it adjusts production to market conditions.

The company said it would continue to “monitor developments in the rough diamond market to align production with demand.”

The production outlook also carries implications for African diamond-producing countries as ownership of De Beers becomes a major issue. Anglo American, which owns 85% of the diamond group, plans to sell its stake. Botswana, which holds the remaining 15%, is seeking to increase its ownership, while Namibia and Angola have also expressed interest in participating in the transaction.