The launch of production at Angola’s Luele diamond mine in October 2023 played a crucial role in boosting revenues during the fourth quarter of the 2024 financial year. According to a report by the National Diamond Trading Company (Sodiam), the company conducted four production cycles from the Catoca and Luele projects during this period. The findings were presented at the 2025 Diamond Sector Outlook, where Sodiam highlighted that net results were influenced by an average
ASX-listed Lucapa Diamond Company has announced a 9% increase in the Joint Ore Reserve Committee (JORC)-compliant inferred alluvial diamond resource at its Lulo concession in Angola, adding 249,000 carats to the total. This marks the seventh consecutive year of resource growth at the Lulo project, reinforcing its long-term production potential. Additionally, the total diluted gravel volume available for mining has risen by 15% to 5.8 million cubic metres, supporting a production horizon of at least
Alrosa has unveiled the largest polished colored diamond in Russia’s history — a fancy vivid yellow gem weighing over 100 carats, named New Sun. The striking honey-golden diamond was cut from a 236-carat rough stone named Dawn, discovered in 2020 at Alrosa’s Ebelyakh deposit in Yakutia. The transformation from rough to polished was a meticulous process undertaken by a team of 15 master cutters at Alrosa’s manufacturing complex. To achieve the final result, the team
Australian junior miner Cobre has commenced a diamond drilling program at the Kitlanya West project in Botswana, targeting copper-silver mineralization in partnership with diversified major BHP. The drilling campaign follows seismic surveys completed in 2024 and is part of Cobre’s recently announced earn-in joint venture with BHP. The program includes three deep drill holes, each exceeding 1 km, aimed at testing large anticlinal trap sites identified in seismic sections and providing insights into the deeper
Lucara Diamonds has ended its engineering, procurement, and construction management contract with JDS Energy & Mining (JDS) as of March 31, shifting to owner-managed operations for the Karowe underground expansion project (UGP) in Botswana. Announcing the transition on Monday, the Canada-based company stated that it had signed a master service agreement (MSA) with JDS to complete specific engineering components, while all site-based contracts and activities now fall under Lucara’s direct oversight. The move is expected
Angola earned $1.5 billion from the export of over 10 million carats of diamonds in 2024, according to Secretary of State for Mineral Resources, Jânio Victor. He shared these figures during a presentation on the country’s diamond production and commercialization performance for 2024, along with projections for the first half of 2025, held in Luanda on Friday. Victor confirmed that the United Arab Emirates and Belgium remained Angola’s primary export markets. “In 2024, the country
Angola’s diamond export revenue declined by nearly 3% in 2024 compared to the previous year, according to data presented during a ceremony reviewing the diamond subsector’s performance and projections for 2025. In 2024, the country exported approximately 10.2 million carats of diamonds, generating nearly $1.5 billion—down 2.95% from the $1.53 billion recorded in 2023, according to the Angolan National Diamond Trading Company (Sodiam). Despite the drop in export revenue, Angola recovered just over 14 million
Debswana Diamond Company will suspend production at its Letlhakane Tailings Plant (LTP) and Jwaneng Modular Plant (JMP) by the end of March 2025. This decision aligns with the company’s strategic response to ongoing challenges in the global diamond market, where demand and rough diamond prices have continued to decline through 2023 and 2024. In light of these conditions, Debswana’s Board of Directors, during its March meeting, revised the 2025 production target from 18 million carats
Anglo American, the parent company of De Beers, has begun discussions with multiple banks regarding a potential initial public offering (IPO) for the diamond miner, according to a Bloomberg report. This move is part of Anglo American’s restructuring plan, announced last year, to divest De Beers and other non-core assets in order to focus on its primary businesses. At the same time, the company is exploring the possibility of selling De Beers outright. “Anglo is
Petra Diamonds has dismissed claims by South Africa’s National Union of Mineworkers (NUM) that it plans to lay off 468 employees due to ongoing challenges in the diamond market. The company clarified that only 84 employees from its Cullinan and Finsch mines in South Africa will be affected, significantly fewer than the number reported by the union. NUM alleged that Petra intended to replace permanent employees with contract workers to cut costs. However, a company
