Challenging Diamond Market Leads Burgundy to Loss

Burgundy Diamond Mines reported a loss for 2025 amid a challenging diamond market, tariffs, and a pause in operations at one of its mines.

The company posted a net loss of $86.8 million for the 12-month period, compared with a loss of $103.2 million a year earlier, the company said last week.

Revenue for the full year dropped 58% to $186.2 million. The company had 104,244 carats in inventory at the end of the year, compared to 186,049 carats as at December 31, 2024.

The sales decline stems from a halt at its Point Lake deposit in July as US import tariffs impacted the diamond industry, leading to reduced pricing.

During the year, Burgundy liquidated its Belgian subsidiary, Arctic Canadian Diamond Company, and closed its Australian entity, which was in charge of cutting, polishing, and sales of polished diamonds, in an effort to save money, it added.

Image: An aerial view of the Ekati mine. (Burgundy Diamond Mines)