Independent diamond miner Petra Diamonds reported $44 million in revenue from its sixth tender cycle for the 2024 financial year, selling 371,000 carats. CEO Richard Duffy noted that like-for-like prices were down 2.6% from Tender 5, reflecting a seasonally quiet period with muted demand due to Indian holidays and the slow recovery of the Chinese market. “We continue to see evidence of market stabilization and are cautiously optimistic that demand and pricing will improve towards
Anglo American is exploring an initial public offering (IPO) of its diamond business, De Beers, with London being the preferred venue, according to sources familiar with the matter. These discussions are still in early stages, and the individuals spoke on condition of anonymity due to the private nature of the plans. The potential listing was revealed as Anglo American announced its broader strategy for a possible break-up through a demerger or sale of some assets.
De Beers’ parent company intends to sell the diamond miner as part of a strategy to unlock “significant” value in its businesses. The move forms part of major structural changes that will simplify the Anglo American portfolio and deliver growth, it said Tuesday. Plans will see De Beers being “divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company clarified. Anglo is exploring a range of options to separate
Phillips sold a pink diamond for $12 million at its second Geneva jewelry auction, which also saw two records set for a fancy-red. The 6.21-carat, fancy-vivid-pink, VS1-clarity, type IIa diamond ring was the leading lot at the May 13 Geneva Jewels Auction: Two, Phillips said Tuesday. The total, which amounted to $1.9 million per carat, fell within its presale estimate. Another item that performed well was the Argyle Phoenix, a 1.56-carat, fancy-red diamond ring. The
Lucapa Diamonds has announced plans to divest its 70% interest in the Mothae mine, located in Lesotho. This decision follows a comprehensive review of the company’s asset portfolio by its newly restructured board of directors. Chairperson Stuart Brown explained that the company aims to streamline its portfolio to concentrate on core assets in Africa and Australia. Lucapa’s primary focus will now be on its 60% interest in the Lulo mine in Angola and the Merlin
Angola is participating in the Interim Meeting of the Kimberley Process, which started yesterday in Dubai, United Arab Emirates. Running until May 17, the meeting will address proposals for administrative decisions, ongoing reviews, reforms of the Kimberley Process, and rough diamond traceability. A statement highlights that key discussions will focus on the initiation of the Kimberley Process’s permanent secretariat activities. Other critical agenda items include defining “Conflict Diamond,” implementing co-Presidency and co-Vice-Presidency roles in the
In a significant development this morning, Anglo American and De Beers announced their intention to separate, marking the next evolution in the ownership of De Beers, the world’s leading diamond company. Al Cook, CEO of De Beers Group, expressed his optimism about the future: “De Beers has led the diamond industry for more than a century. We have unparalleled expertise, outstanding assets across more than 20 countries, a unique sales model, and an iconic brand,
Lucara Diamond Corp.’s revenue fell in the first quarter due to a decrease in the quantity of large stones sold under its offtake agreement with HB Antwerp. Sales dropped 4% year-on-year to $41.1 million, the company reported last week. Lucara sold $36.2 million worth of goods through tenders and its Clara online platform, receiving an additional $4.9 million in top-up payments from HB Antwerp. This agreement involves the purchase of all diamonds over 10.8 carats
De Beers has significantly reduced the prices of its Lightbox lab-grown diamonds, responding to recent developments in the sector. The standard line, featuring I to J color diamonds, will now retail for $500 per carat, down from $800 per carat—a 37.5% reduction, according to a statement from the De Beers subsidiary on Friday. Diamonds with D to F color, VS clarity, and an excellent cut will be priced at $900 per carat, a 40% decrease
The European Union plans to exclude “grandfathered” goods from its sanctions on Russian diamonds, according to Reuters. Rough diamonds imported from Russia before January 1, 2024, and polished diamonds imported before March 1 — or September 1 for stones under 0.50 carats — will be exempt from the ban, the news service reported last week. The report cited proposals for a 14th package of EU sanctions on the Kremlin over its war in Ukraine, which
