Diamond mining was hit hard in 2025 as De Beers reported a steep revenue fall, accumulated about $2 billion in unsold natural stones and moved to cut over 1,000 jobs while Anglo American advanced plans to sell the business and merge with Teck Resources. Russia’s Alrosa saw profits drop nearly 80% and halted operations at key sites, while smaller miners entered administration or closed pits as lab-grown diamonds eroded prices. Botswana’s Debswana will cut output by up to 40% in 2025, and producers under the Luanda Accord pledged 1% of annual revenues to a global marketing push for natural stones.

Gold, silver and platinum hit fresh records on Friday, with spot gold touching $4,540/oz, February Comex futures peaking at $4,584/oz and March silver futures jumping over 9% to $78.30/oz, as palladium surged 13% to above $2,000/oz. Gold is heading for a >70% annual gain, driven by robust central bank buying and ETF inflows, including SPDR Gold Shares (GLD) increasing its holdings by more than 20% and physically backed funds taking in $82 billion (749 tonnes) by 22 December. Silver has rallied 160% in 2025 amid an October short squeeze, ongoing supply dislocations between London and New York vaults, and a pending US Commerce Department probe that could impose tariffs or trade restrictions.

Copper prices surged again on Friday, with London Metal Exchange contracts hitting a record $12,282/t before the Christmas break and Shanghai Futures Exchange prices briefly touching 100,000 yuan/t (~$14,270/t), creating a sharp premium over New York. Comex March copper climbed more than 5% to $5.903/lb (~$13,000/t), its highest since July’s short squeeze, as 2025 production was hit by accidents at Grasberg, Kamoa-Kakula and Codelco’s El Teniente. BMO now projects an average $12,500/t by Q2 2026, while Goldman Sachs still sees a 160 kt surplus capping prices at $10,000–$11,000/t.