De Beers Cuts Elite Diamond Buyer Network by 30% as Industry Crisis Deepens

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3.22.2026

Quick Facts

De Beers reduced its exclusive sightholder network from around 70 buyers to 45-50, effective July 1
Diamond production dropped to 22 million carats in 2025 from 35 million in 2022
Parent company Anglo American took $2.3 billion impairment on De Beers, bringing total writedowns to $6.8 billion over three years

De Beers made one of the deepest cuts ever to its handpicked diamond buyer network as the former monopoly battles a prolonged industry crisis. The company informed customers Friday whether they retained sightholder status through letters and calls.

The diamond producer cut its exclusive buyer count from around 70 to between 45 and 50 sightholders. Changes take effect July 1 when new contracts begin.

Production collapsed to less than 22 million carats last year from almost 35 million in 2022. De Beers projects 21-26 million carats for 2026 with unit costs around $80 per carat, down from $86 in 2025.

The company recorded an underlying EBITDA loss of $511 million in 2025. Parent Anglo American wrote down De Beers by another $2.3 billion, reducing the business value to $2.3 billion from over $5 billion two years ago.

“Central to its thinking is a determination to funnel more goods to what it sees as the strongest clients at a time when it’s producing fewer diamonds,” according to industry sources. Buyers of smaller diamonds faced the harshest cuts.

Global Sightholder Sales moves around 90% of De Beers’ rough diamonds by value to these exclusive customers. The traditional system requires sightholders to accept offered prices and quantities or risk losing future access.

Anglo American CEO Duncan Wanblad cited “plentiful supply of rough diamonds in the market” and described conditions as “stubbornly low.” The parent company plans to complete a structured De Beers sale in 2026.

The diamond industry faces multiple pressures. Lab-grown diamonds now capture 61% of the engagement ring market at 80-90% lower costs than natural stones. China’s luxury market collapse and US tariffs on Indian exports compound challenges.

De Beers recently cut prices 10-15% across most products, marking the first major reduction this year. Industry analysts expect continued pressure as independent retailers close when boomer jewelers retire without succession plans.