Key points
- Despite economic uncertainties and uneven demand for polished stones, the July 2025 De Beers sight has revealed a remarkable spike in demand for rough diamonds in the 2.
- According to this Gems and Jewellery News report, while De Beers has preserved its pricing structure and purchasing flexibility, many sightholders have opted to skip smaller goods and instead focus on securing larger rough stones.
- The shortage of large rough diamonds is affecting the availability of polished stones over 2 carats—one of the few segments that have held steady amid a volatile market.
Gems and Jewellery News: Strong Appetite for Bigger Stones at De Beers Sight
Despite economic uncertainties and uneven demand for polished stones, the July 2025 De Beers sight has revealed a remarkable spike in demand for rough diamonds in the 2.5 to 5-carat range. Dealers and sightholders have been quick to snatch up these coveted sizes, leaving smaller diamonds untouched. Surprisingly, supply for stones over 5 carats remains tight, creating confusion among industry insiders.
Large rough diamonds are in high demand while supplies of such pieces are dwindling
Image Credit: De Beers
According to this Gems and Jewellery News report, while De Beers has preserved its pricing structure and purchasing flexibility, many sightholders have opted to skip smaller goods and instead focus on securing larger rough stones. Market players attribute this shift to a combination of supply constraints, strategic inventory management, and De Beers’ quiet maneuvering behind the scenes.
Inventory Mysteries and Controlled Releases
Although De Beers is sitting on an estimated $2 billion in inventory—its largest since 2008—most of the stock reportedly consists of smaller-sized goods. By contrast, rough diamonds over 2.5 carats are in short supply, prompting suspicions that the miner is strategically holding back large stones or distributing them selectively.
An executive from a leading sightholder disclosed that applications for “ex-plan” goods—diamonds outside the standard allocation—were denied. “I suspect they use the large stones as leverage, offering them only to those who also buy smaller, less desirable goods,” he said.
Production Declines Amplify Shortages
De Beers’ overall rough diamond output dropped 22% in 2024 to 24.7 million carats. Forecasts for 2025 anticipate a further reduction to 20–23 million carats. The steepest decline was at Botswana’s Jwaneng mine, which saw a 49% fall in output, producing just 1 million carats. As a significant source of high-value rough diamonds, Jwaneng’s slowdown has directly impacted the availability of 5- to 10-carat stones.
The shortage of large rough diamonds is affecting the availability of polished stones over 2 carats—one of the few segments that have held steady amid a volatile market. Jewellers and manufacturers may soon face difficulties sourcing high-quality polished goods in this size category, potentially pushing up prices.
Market Cautiously Optimistic Amid Broader Challenges
Despite tight supply and cautious buying, the market is showing glimmers of stabilization. Dealers reported that polished demand has begun to recover, especially for stones in the larger size brackets. Sightholders also noted improved sentiment since the February sight session, which coincided with the signing of a new 10-year sales agreement between De Beers and the Botswana government.
While De Beers implemented sharp price cuts in December to stay competitive with the tender market, it has maintained pricing through its latest sights. Russia’s Alrosa also held prices steady, while other suppliers opted for modest increases, contributing to a general perception that rough prices are firming.
Implications for the Global Jewellery Market
As larger rough stones become increasingly scarce, jewellery houses may be forced to adjust sourcing strategies and brace for tighter margins. This shift may also influence consumer pricing in the high-end jewellery market, where 2-carat and larger stones remain in high demand.
The coming months will reveal whether De Beers will continue to restrict supply or eventually release more large stones to meet market needs. Regardless, with the current pace of sales and tight inventory, the global diamond trade is entering a new phase of price recalibration and strategic realignment.
For the latest Gems and Jewellery News, keep on logging to Bangkok Gems News.
