You are Here

Category: Diamonds

Corporate News Diamonds Local

Lucapa Secures Majority Stake in Angola’s Lulo Diamond Project

Australia-listed Lucapa Diamond Company has finalized its Mineral Investment Contract (MIC) for the Lulo Joint Venture (JV) in Angola, increasing its ownership stake to 51%. During a three-day meeting in Angola, the MIC committee and JV partners—including Endiama, Rosas & Petalas, and Lucapa—agreed on all outstanding details. The final agreement has now been submitted to the Angolan Ministry of Mineral Resources and Petroleum for formal signing. A signing ceremony is expected soon, with Lucapa set

Loading

Read More Here

Corporate News Diamonds Local

Saudi Arabia’s Taaden Replaces Alrosa in Angola’s Diamond Sector

The exit of Russian diamond company Alrosa from Angola’s Catoca and Luele mines was officially finalized on Monday through the signing of three agreements between Endiama, Angola’s national diamond company, and Taaden, a state-owned mining company from Saudi Arabia. Endiama Chairman José Ganga Júnior explained that Alrosa’s departure was driven by operational difficulties stemming from sanctions imposed on Russia. Over the past 15 months, efforts were made to secure a viable solution for Catoca and

Loading

Read More Here

Diamonds International News

Namibia Faces N$6 Billion Drop in Diamond Tax Revenue Amid Market Slump

The Namibia Revenue Agency (NamRA) anticipates a N$6 billion decline in tax revenue from the diamond sector this year due to weak global prices. NamRA Commissioner Sam Shivute attributed the shortfall to the struggling diamond market but highlighted that increased tax collections from the mining, fishing, and tourism sectors had helped mitigate the impact. “We have collected N$83 billion for the 2024/2025 financial year. Despite losing N$6 billion in diamond tax revenue, we are still

Loading

Read More Here

Corporate News Diamonds Local

TAGS & Sodiam Sell $15.4M in Rough Diamonds at 2025 Luanda Tender

Trans Atlantic Gem Sales (TAGS) and Angola’s state-owned diamond trader, Sodiam, successfully sold more than $15.4 million worth of large rough diamonds at their first tender of the year. The sale, held from March 5 to 13 in Luanda, featured 36 diamonds over 10 carats, including seven stones exceeding 60 carats. Approximately 95% of the goods found buyers. TAGS, which markets production from seven Angolan mines—Lulo, Tchegi, Somiluana, Kaixepa, Chitotolo, Catoca, and Luele—saw contributions from

Loading

Read More Here

Diamonds International News

EU Threatens Tariffs on US Diamonds and Metals in Response to Trade Dispute

The European Union (EU) has announced plans to impose tariffs on US imports, including diamonds, gemstones, and metals used in jewelry production, in retaliation for what it calls “unjustified” taxes imposed by the US on aluminum and steel. “The Commission regrets the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices,” the EU stated last week. The proposed countermeasures could

Loading

Read More Here

Diamonds International News

Botswana Targets Wealthy Young Americans to Boost Natural Diamond Sales

Botswana, the world’s top diamond producer, is ramping up efforts to attract affluent young American buyers to its natural diamonds amid growing competition from lab-grown alternatives. To capture their attention, the country is leveraging social media platforms like Instagram and TikTok. As part of this strategy, Botswana recently hosted an exclusive luxury event in New York’s Greenwich Village, where social media influencers were treated to a fine dining experience at a Michelin-starred restaurant, according to

Loading

Read More Here

Corporate News Diamonds International

Botswana Government Halts Progress on HB Antwerp Diamond Deal

Botswana’s plan to acquire a 24% stake in Belgian gem trader HB Antwerp, initially proposed by the previous government, remains uncertain. The deal, announced in March 2023 by former President Mokgweetsi Masisi, was intended to challenge Botswana’s long-standing partnership with De Beers by allowing State-owned Okavango Diamond Company to receive polished rather than rough prices for some of its sales. However, the agreement was never finalized. “They were still conducting due diligence and never closed

Loading

Read More Here

Corporate News Diamonds International

Gem Diamonds Boosts Profitability Amid Market Challenges

Despite a tough diamond market in 2024, London-listed Gem Diamonds delivered strong financial results, driven by cost containment, operational efficiencies, and strategic capital allocation, CEO Clifford Elphick reported. Global economic uncertainty, persistent inflation, and geopolitical tensions weighed on diamond prices throughout the year. However, Gem Diamonds achieved a 10% revenue increase, reaching $154.2 million, primarily due to the sale of 13 diamonds exceeding 100 carats each. Cost-cutting measures contributed to a 95% surge in EBITDA,

Loading

Read More Here

Corporate News Diamonds International

Alrosa’s Profit Plunges Amid Sanctions and Weak Diamond Demand

Alrosa’s profit and revenue declined sharply in 2024, as sanctions on Russian diamonds and weak market demand weighed on its financial performance. The company reported a profit of RUB 19.25 billion ($215.3 million) for the year, a steep drop from RUB 85.18 billion ($952.8 million) in 2023. Revenue fell 26% to RUB 239.07 billion ($2.67 billion). Beyond reduced consumer demand due to sanctions, Alrosa recorded a RUB 4.98 billion ($55.6 million) impairment on property, plant,

Loading

Read More Here

Diamonds Corporate News Local

Lucapa Diamond Company Narrows Losses Despite Market Challenges

Lucapa Diamond Company reported a net loss of $1.5 million for 2024, significantly improving from its $17.2 million loss in 2023. The company attributed the decline to lower diamond prices, production disruptions, and challenging market conditions. Lucapa’s annual revenue dropped 31% to $54.5 million, reflecting a weaker pricing environment. Operations at the Lulo mine in Angola were impacted by flooding, while geopolitical and economic uncertainties further pressured diamond prices. The company also faced infrastructure challenges,

Loading

Read More Here

1 2 3 … 48
en English pt Portuguese